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Financing
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Financing Financing
Our debt consisted of the following:
(in millions)September 30,
2025		December 31,
2024
Term Loan$66.6 $— 
Revolving Facility181.0 210.0 
Total short-term borrowings (a)
$247.6 $210.0 
Term Loan$295.0 $— 
6.55% notes due November 2036
198.8 198.7 
4.20% notes due March 2048
346.9 346.8 
Other deferred financing costs associated with credit facilities(6.4)(4.9)
Total long-term debt (a)
$834.3 $540.6 
(a) Debt discounts and debt issuance costs totaled $11.8 million and $9.4 million as of September 30, 2025, and December 31, 2024, respectively, have been netted against the aggregate principal amounts of the related debt in the components of the debt table above, where applicable.
Credit Facilities - On March 17, 2023, we became party to a senior secured credit agreement (the “Credit Agreement”) which provides for a $500 million, five-year revolving credit facility (the “Revolving Facility”) and we entered into a $350 million, 3-year term loan facility (the “Term Facility”). Funding for both facilities became available in connection with the Separation.
On December 9, 2024, we entered into an amendment to the Credit Agreement which increased the Revolving Facility by $200 million to an aggregate $700 million and provided a delayed draw term loan (the “Term Loan”) of £300 million. On the same day, proceeds from the Revolving Facility were used to repay the outstanding Term Facility.
Bridge Facility - In connection with the Antares Vision acquisition (see note 3 “Acquisition”), on September 15, 2025, the Company entered into a commitment letter for a senior secured 364-day bridge credit facility in the aggregate principal amount of $602 million (the “Bridge Facility”) and a backstop senior secured 364-day credit facility in the aggregate principal amount of $831 million (the “Backstop Facility”).
The Bridge Facility is available to fund the Antares Vision acquisition and related transactions until permanent financing is secured. If drawn, it will bear interest at Term Secured Overnight Financing Rate (SOFR) plus a margin of 175 basis points, with step-ups of 50 basis points every 90 days. The facility includes affirmative and negative covenants substantially consistent with the Company’s existing credit agreement, and a total net leverage ratio financial maintenance covenant of 5.50 to 1.00.
The Backstop Facility is available to refinance existing term and revolving loans under the Company’s current Credit Agreement if an amendment to permit the Bridge Facility is not obtained. The Backstop Facility has substantially similar terms to the Bridge Facility, with a portion available on a revolving basis.
In the nine months ended September 30, 2025, we drew down $384.5 million and repaid $413.5 million on our Revolving Facility to fund working capital requirements. We also drew down £300.0 million, or $400.4 million, on the Term Loan to fund the DLR acquisition and repaid $40.9 million.