XML 25 R13.htm IDEA: XBRL DOCUMENT

Note 5 - Long-term Debt

9 Months Ended

Sep. 30, 2025

NOTE 5. LONG-TERM DEBT

Long-term debt, net of current maturities and debt issuance costs, consists of the following:

	*September 30, 2025*
	*Interest*					*Unamortized*
	*Rates at*					*Origination*
	*September 30,*			*Outstanding*		*Fees and*			*Long-Term*
*(In thousands)*	*2025*			*Principal*		*Costs*			*Debt, Net*
Credit facility		6.190	%	$	9,300	$	(4,639	)	$	4,661
4.750% senior notes due 2027		4.750	%		1,000,000		(4,383	)		995,617
4.750% senior notes due 2031		4.750	%		900,000		(7,752	)		892,248
Long-term debt, net				$	1,909,300	$	(16,774	)	$	1,892,526

	*December 31, 2024*
	*Interest*					*Unamortized*
	*Rates at*					*Origination*
	*December 31,*			*Outstanding*		*Fees and*			*Long-Term*
*(In thousands)*	*2024*			*Principal*		*Costs*			*Debt, Net*
Credit facility		6.169	%	$	1,300,300	$	(9,109	)	$	1,291,191
4.750% senior notes due 2027		4.750	%		1,000,000		(5,844	)		994,156
4.750% senior notes due 2031		4.750	%		900,000		(8,763	)		891,237
Other		5.208	%		6		—			6
Total long-term debt					3,200,306		(23,716	)		3,176,590
Less current maturities					44,006		—			44,006
Long-term debt, net				$	3,156,300	$	(23,716	)	$	3,132,584

The outstanding principal amounts under the Credit Facility are comprised of the following:

	*September 30,*		*December 31,*
*(In thousands)*	*2025*		*2024*
Revolving Credit Facility	$	—	$	475,000
Term A Loan		—		759,000
Swing Loan		9,300		66,300
Total outstanding principal amounts	$	9,300	$	1,300,300

The Company used the $1,758.0 million cash proceeds from the sale of the Equity Interest in FanDuel, as discussed in Note 1, Summary of Significant Accounting Policies, to pay down the then outstanding Credit Facility debt, which consisted of $915.0 million on the Revolving Credit Facility, $726.0 million on the Term A Loan and $39.9 million on the Swing Loan. The full repayment of the outstanding Term A Loan extinguished the Term A Loan under the Credit Facility.

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $9.3 million in borrowings outstanding on the Swing Loan, and $12.7 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,428.0 million as of September 30, 2025.

Early Extinguishments and Modifications of Debt

During the three and nine months ended September 30, 2025, the Company incurred $1.4 million in loss on early extinguishments of debt due to the full repayment and extinguishment of the Term A Loan with proceeds from the sale of the Equity Interest in FanDuel. The $1.4 million incurred relates to the write-off of unamortized deferred finance charges associated with the Term A Loan.

Covenant Compliance

As of September 30, 2025, we were in compliance with the financial covenants of our debt instruments.