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Debt (Tables)
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt, Net of Unamortized Discount and Debt Issuance Costs
Long-term debt, net of an unamortized discount and debt issuance costs, consisted of the following:
Original
Principal
Annual
Interest Rate
Maturity
Date
March 31, 2024December 31, 2023
Term Loan Facility, net of unamortized discount (1)
1,300 Variable3/11/2028$899 $898 
2022 Term Loan Facility, net of unamortized discount(1)
400 Variable4/4/2029389 390 
2023 Term Loan Facility, net of unamortized discount(1)
350 Variable8/16/2028346 347 
Senior Notes due 2029 1,075 4.625 %3/15/20291,075 1,075 
Standard Bank Term Loan Facility (1)
98 Variable11/11/202660 64 
Australian Government Loan, net of unamortized discountN/AN/A12/31/2036
MGT Loan(2)
36VariableVariable23 25 
Finance leases42 43 
Long-term debt2,835 2,843 
Less: Long-term debt due within one year(27)(27)
Debt issuance costs(28)(30)
Long-term debt, net$2,780 $2,786 
_______________
(1)The average effective interest rate on the Term Loan Facility (including the impacts of the interest rate swaps), the 2022 Term Loan Facility, the 2023 Term Loan Facility, and the Standard Bank Term Loan Facility was 5.7%, 9.0%, 9.2% and 10.6%, respectively, during the three months ended March 31, 2024. The average effective interest rate on the Term Loan Facility (including the impacts of the interest rate swaps), the 2022 Term Loan Facility and Standard Bank Term Loan Facility was 5.3%, 8.4% and 9.7%, respectively, during the three months ended March 31, 2023. As of March 31, 2024, the applicable margin on the Term Loan Facility, 2022 Term Loan Facility and 2023 Term Loan Facility was 2.50%, 3.25%, and 3.50%, respectively.
(2)The MGT loan is a related party debt facility. The average effective interest rate on the MGT loan was 6.0% during both the three months ended March 31, 2024 and March 31, 2023.