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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT Long-term debt consisted of the following (in millions):
|  | December 31,
|  | 2024 |  | 2023
4.00% Senior Notes due August 15, 2028 |  | $ | 750.0 |  |  | $ | 750.0 |
6.375% Senior Notes due January 15, 2030 |  | 500.0 |  |  | — |
Acquisition Line |  | 95.0 |  |  | 325.0 |
Other debt: |  |  |  |
Real estate related |  | 1,253.9 |  |  | 751.0 |
Finance leases |  | 311.4 |  |  | 272.7 |
Other |  | 19.0 |  |  | 8.8 |
Total other debt |  | 1,584.3 |  |  | 1,032.5 |
Total debt |  | 2,929.3 |  |  | 2,107.5 |
Less: unamortized debt issuance costs |  | 16.1 |  | 8.7
Less: current maturities |  | 175.3 |  | 109.4
Total long-term debt |  | $ | 2,737.9 |  |  | $ | 1,989.4 |
The aggregate annual maturities of debt for the next five years, excluding debt issuance costs, are as follows (in millions):
|  | Total
Years Ended December 31, |  |
2025 |  | $ | 176.2 |
2026 |  | 248.7 |
2027 |  | 331.5 |
2028 |  | 917.5 |
2029 |  | 309.0 |
Thereafter |  | 946.4 |
Total |  | $ | 2,929.3 |
6.375% Senior Notes Issuance On July 30, 2024, the Company issued the following notes, at par:
Description |  | Principal Amount (in millions) |  | Maturity Date |  | Effective Interest Rate (1) |  | Interest Payment Dates
6.375% Senior Notes |  | $500.0 |  | January 15, 2030 |  | 6.661% |  | January 15 th, July 15 th
(1) The effective interest rate is after the impact of associated debt issuance costs. The Company may redeem up to 40% of the original principal amount of the 6.375% Senior Notes, plus accrued and unpaid interest, at any time prior to July 15, 2026, subject to certain conditions. The Company, at its option, may redeem some or all of the 6.375% Senior Notes at the redemption prices (expressed as percentages of principal amount of the notes) set forth below, plus accrued and unpaid interest.
Redemption Period |  | Redemption Price
July 15, 2026 |  | 103.188%
July 15, 2027 |  | 101.594%
July 15, 2028 and thereafter |  | 100.000%
The 6.375% Senior Notes are unsecured obligations and rank equal in right of payment to all of the Company’s existing and future senior unsecured debt and senior in right of payment to all of the Company’s future subordinated debt. The 6.375% Senior Notes are subordinated to all existing and future senior secured debt of the Company and subordinated to all existing and future liabilities (including trade payables) of any non-guarantor subsidiaries. The 6.375% Senior Notes are guaranteed by substantially all of the Company’s U.S. subsidiaries. The U.S. subsidiary guarantees rank equally in the right of payment to all of the Company’s guarantor’s existing and future senior debt and rank senior in right of payment to all of the Company’s guarantor’s existing and future subordinated debt. The Company may be required to purchase the 6.375% Senior Notes if it sells certain assets or triggers the change in control provisions defined in the indenture governing the 6.375% Senior Notes. The indenture governing the 6.375% Senior Notes contains customary restrictions on the Company, including the ability to pay dividends, incur additional indebtedness, create liens, sell or otherwise dispose of assets and repurchase shares of outstanding common stock, which are consistent with those contained in the indenture governing the Company’s 4.00% Senior Notes. Acquisition Line The proceeds of the Acquisition Line (as defined in Note 14. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purpose s. As of December 31, 2024, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 14. Floorplan Notes Payable), totaled $95.0 million. The average interest rate on this facility was 5.92% as of December 31, 2024. Real Estate Related The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of December 31, 2024, borrowings outstanding under these facilities totaled $1,253.9 million, gross of debt issuance costs, comprised of $843.4 million in the U.S. and $410.5 million in the U.K., respectively. The Company’s mortgage loans are secured by real property owned by the Company. The carrying values of the related collateralized real estate as of December 31, 2024 and 2023 were $1,612.9 million and $1,153.2 million, respectively. In February 2024, the Company entered into a master credit agreement with Wells Fargo Bank, National Association (the “Wells Fargo Credit Agreement”), which provides for delayed draw term loans with a maximum borrowing capacity of $258.3 million. The Wells Fargo Credit Agreement accrues interest at SOFR plus 175 basis points and matures on March 1, 2031. As of December 31, 2024, borrowings outstanding under the Wells Fargo Credit Agreement totaled $253.9 million and are included in the total U.S. mortgage loans described above. Finance Leases Refer to Note 12. Leases for further information regarding the Company’s finance leases.

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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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