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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Outstanding long-term debt is summarized below (in thousands):
| Character |  | Priority |  | Maturity |  | Repayment |  | Coupon |  | March 31, 2026 |  | December 31, 2025
5.750% Notes | Notes |  | Senior Unsecured |  | 11/1/2028 |  | Par |  | 5.75% |  | $ | 5,310 |  |  | $ | 5,310 |
5.50% Notes | Notes |  | Senior Secured |  | 9/1/2028 |  | Par |  | 5.50% |  | 5,814 |  |  | 5,814 |
Senior Convertible PIK Notes | Convertible Notes |  | Senior Unsecured |  | 10/15/2027 |  | Par |  | Cash 6.00%, or PIK 7.00% |  | 420 |  |  | 420 |
First-Out First Lien Term Loans | Term Loan |  | Senior Secured |  | 12/31/2030 |  | Par |  | Variable(1) |  | 321,798 |  |  | 322,611 |
Second-Out First Lien Term Loans | Term Loan |  | Senior Secured |  | 12/31/2030 |  | Par |  | Variable(2) |  | 1,132,497 |  |  | 1,135,357 |
Second-Out First Lien A Notes | Notes |  | Senior Secured |  | 12/31/2030 |  | Par |  | Cash 6.50% and PIK 5.00% |  | 635,816 |  |  | 627,998 |
Second-Out First Lien B Notes | Notes |  | Senior Secured |  | 12/31/2030 |  | Par |  | 5.750% |  | 763,075 |  |  | 763,075 |
Third-Out First Lien A Notes | Notes |  | Senior Secured |  | 3/31/2031 |  | 107% |  | Cash 6.00% and PIK 0.75% |  | 769,075 |  |  | 765,520 |
Third-Out First Lien B Notes | Notes |  | Senior Secured |  | 3/31/2031 |  | 107% |  | Cash 6.00% and PIK 0.75% |  | 990,706 |  |  | 986,126 |
Finance lease obligations, non-current | Other |  | Senior Secured |  | 2028-2029 |  | Par |  | 6.01%-6.78% |  | 163 |  |  | 183 |
Long-term debt |  |  |  |  |  |  |  |  |  |  | 4,624,674 |  |  | 4,612,414 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  |  |  | (14,690) |  |  | (14,690) |
Less: debt discounts, net |  |  |  |  |  |  |  |  |  |  | (17,934) |  |  | (18,717) |
Less: debt issuance costs, net |  |  |  |  |  |  |  |  |  |  | (17,797) |  |  | (18,567) |
Total Long-term debt, net |  |  |  |  |  |  |  |  |  |  | $ | 4,574,253 |  |  | $ | 4,560,440 |
(1)Interest on the First-Out First Lien Term Loans (as defined below) is calculated, at MPH Acquisition Holdings LLC's ("MPH") option, as (a) Term Secured Overnight Financing Rate ("Term SOFR") (or 0.50%, if higher) plus 3.75% or (b)(x) the highest rate of (1) the prime rate, (2) the federal funds effective rate plus 0.50%, (3) Term SOFR for an interest period of one month plus 1.00% and (4) 1.50% plus (y) 2.75%. (2)Interest on the Second-Out First Lien Term Loans (as defined below) is calculated, at MPH's option, as (a) Term SOFR (or 0.50%, if higher) plus the applicable SOFR adjustment plus 4.60% or (b)(x) the highest rate of (1) the prime rate, (2) the federal funds effective rate plus 0.50%, (3) Term SOFR for an interest period of one month plus the applicable SOFR adjustment plus 1.00% and (4) 1.50% plus (y) 3.60%.
Schedule of Long-term Debt Maturities | As of March 31, 2026, the aggregate future principal payments for long-term debt, excluding non-current finance lease liabilities (based on the outstanding long-term debt as of March 31, 2026 and assuming the payments are made at their respective anticipated payment dates) were as follows (in thousands):
For the years ending December 31, |
2026 | $ | 11,018 |
2027 | 15,110 |
2028 | 25,814 |
2029 | 14,690 |
2030 | 2,798,099 |
Thereafter | 1,759,780 |
Total | $ | 4,624,511 |

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