XML 42 R19.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
The Company’s debt at December 31, 2024 and 2023 consists of the following:

(In thousands)20242023
Senior secured term loan due 2029 at 4.71% (1)
$750,000 $1,373,774 
Senior secured notes due 2029 at 4.75%
1,600,000 1,600,000 
Senior unsecured notes due 2030 at 5.95%
895,000 895,000 
Senior unsecured notes due 2029 at 3.625%
400,000 400,000 
Senior unsecured notes due 2028 at 4.375%
400,000 400,000 
Revolving facility due 2027 at 6.07% (2)
— — 
Total debt (par value)$4,045,000 $4,668,774 
Unamortized discount and debt issuance costs63,895 91,633 
Total debt, net$3,981,105 $4,577,141 
Less current portion of long-term debt— — 
Total long-term debt, net$3,981,105 $4,577,141 
Annual maturities of long-term debt, excluding unamortized discount and issuance costs, due as of December 31, 2024 are as follows:
(In thousands)20252026202720282029ThereafterTotal
Long-term debt obligation maturities*$— — — 400,000 2,750,000 895,000 $4,045,000 
* Senior secured term loans B subject to Excess Cash Flow payments to the lenders.
(1) The Company entered into a floating-to-fixed swap contract on its variable rate debt under our senior secured term loan facility due 2029. The effective interest rate after consideration of this floating-to-fixed swap contract was 4.71%. Refer to Note 12 for a description of our interest rate swap contract.
(2) Our senior secured revolving credit facility due 2027 (the “Revolving Facility”) bears interest at a rate per annum equal to SOFR, plus an applicable margin of 1.75%. The Revolving Facility has commitments of $575.0 million.
Senior secured term loans B due 2029
On March 28, 2024, the Company and certain of its subsidiaries entered into Amendment No. 3 (the “Third Amendment”), with the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which amended the Credit and Guaranty Agreement, dated as of November 6, 2018 (as amended and restated as of July 6, 2022 and as subsequently amended on each of March 10, 2023 and September 11, 2023, the “Existing Credit Agreement” and, the Existing Credit Agreement as amended by the Third Amendment, the “Amended Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, as guarantors, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent.
The Third Amendment provides for, among other things, the reduction of the applicable rate of the Company’s outstanding senior secured term loans B under the Existing Credit Agreement. After giving effect to the Third Amendment, such outstanding term loans B bear interest, at a rate per annum equal to, at the Company’s option, either (i) Term SOFR plus an applicable margin of 1.75% or (ii) a base rate plus an applicable margin of 0.75%. Other than as described herein (and more fully described in the Third Amendment), the terms of the Amended Credit Agreement are substantially similar to the terms of the Existing Credit Agreement. In connection with the Third Amendment, the Company made a prepayment of $354.5 million on the term loans B.
During the twelve months ended December 31, 2024, the Company has repaid $623.8 million of the outstanding borrowings under the term loans B. In connection with these repayments and entry into the Third Amendment, the Company incurred a pre-tax loss on extinguishment and modification of debt of $14.3 million for the twelve months ended December 31, 2024, which is included in Other expense, net on the consolidated statements of operations.