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v3.25.1

DEBT | 3 Months Ended
--- | ---
Mar. 31, 2025
DEBT |
DEBT | 7. DEBT: The Company’s debt and finance lease obligations at March 31, 2025 and December 31, 2024 consisted of (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2025 |  | 2024
$700M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing May 18, 2027 | ​ | $ | — | ​ | $ | —
Term Loan B, interest at SOFR plus 2.00%, maturing May 18, 2030 | ​ |  | 292,057 | ​ |  | 292,791
Senior Notes, interest at 4.75%, maturing October 15, 2027 | ​ |  | 700,000 | ​ |  | 700,000
Senior Notes, interest at 7.25%, maturing July 15, 2028 | ​ |  | 400,000 | ​ |  | 400,000
Senior Notes, interest at 4.50%, maturing February 15, 2029 | ​ |  | 600,000 | ​ |  | 600,000
Senior Notes, interest at 6.50%, maturing April 1, 2032 | ​ |  | 1,000,000 | ​ |  | 1,000,000
$80M OEG Revolver, interest at SOFR plus 3.50%, maturing June 28, 2029 | ​ |  | 17,000 | ​ |  | 21,000
OEG Term Loan, interest at SOFR plus 3.50%, maturing June 28, 2031 (see Note 16) | ​ |  | 298,500 | ​ |  | 299,250
Block 21 CMBS Loan, interest at 5.58%, original maturity January 5, 2026 (see Note 16) | ​ | ​ | 128,185 | ​ | ​ | 128,967
Finance lease obligations | ​ | ​ | 268 | ​ | ​ | 55
Unamortized deferred financing costs | ​ | ​ | (49,359) | ​ | ​ | (51,484)
Unamortized discounts and premiums, net | ​ | ​ | (11,625) | ​ | ​ | (12,183)
Total debt | ​ | $ | 3,375,026 | ​ | $ | 3,378,396
​ Amounts due within one year of the balance sheet date consist of the Block 21 CMBS Loan, amortization payments for the term loan B of 1.0% of the refinanced $293.5 million principal balance, and amortization payments for the OEG term loan of 1.0% of the original $300 million principal balance. At March 31, 2025, there were no defaults under the covenants related to the Company’s outstanding debt. Interest Rate Derivatives The Company has entered into an interest rate swap to manage interest rate risk associated with a portion of the $300 million OEG term loan. The swap has been designated as a cash flow hedge whereby the Company receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount. The Company does not use derivatives for trading or speculative purposes and currently does not hold any derivatives that are not designated as hedges. For derivatives designated as and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense in the same period during which the hedged transaction affects earnings. These amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on the related variable-rate debt. The Company estimates that $0.3 million will be reclassified from accumulated other comprehensive loss to interest expense in the next twelve months. The estimated fair value of the Company’s derivative financial instruments at March 31, 2025 and December 31, 2024 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Estimated Fair Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Asset (Liability) Balance
​ | ​ | ​ | ​ | Strike | ​ | ​ | ​ | ​ | ​ | Notional | ​ | March 31, | ​ | December 31,
Hedged Debt | ​ | Type | ​ | Rate | ​ | Index | ​ | Maturity Date | ​ | Amount | ​ | 2025 | ​ | 2024
OEG Term Loan | ​ | Interest Rate Swap | ​ | 4.5330% | ​ | 3-month SOFR | ​ | December 18, 2025 | ​ | ​ | 100,000 | ​ | $ | (346) | ​ | $ | (386)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (346) | ​ | $ | (386)
​ Derivative financial instruments in an asset position are included in prepaid expenses and other assets, and those in a liability position are included in other liabilities in the accompanying condensed consolidated balance sheets. The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Gain (Loss) | ​ | ​ | ​ | ​ | ​ | Amount of (Gain) Loss | ​
​ | ​ | Recognized in OCI on | ​ | ​ | ​ | ​ | ​ | Reclassified from Accumulated | ​
​ | ​ | Derivatives | ​ | Location of Gain (Loss) | ​ | OCI into Income (Expense) | ​
​ | ​ | Three Months Ended | ​ | Reclassified from | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​ | Accumulated OCI | ​ | March 31, | ​
​ | ​ | 2025 | ​ | 2024 |  | into Income (Expense) |  | 2025 | ​ | 2024 |
Derivatives in Cash Flow Hedging Relationships: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | $ | (8) | ​ | $ | 1,975 | ​ | Interest expense | ​ | $ | 48 | ​ | $ | 547 | ​
Total derivatives | ​ | $ | (8) | ​ | $ | 1,975 | ​ | ​ | ​ | ​ | ​ | $ | 48 | ​ | $ | 547 | ​
​ Reclassifications from accumulated other comprehensive loss for interest rate swaps are shown in the table above and included in interest expense. Total consolidated interest expense for the three months ended March 31, 2025 and 2024 was $54.3 million and $60.4 million, respectively. At March 31, 2025, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $0.4 million. As of March 31, 2025, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $0.4 million. In addition, the Company has an agreement with its derivative counterparty that contains a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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