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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | NOTE 8 — Debt The Company's debt as of December 31, 2024 and 2023 consisted of the financing arrangements described below.
| December 31, 2024 | December 31, 2023
In millions | Principal balance | Unamortized original issue discount | Unamortized deferred financing costs | Carrying value | Principal balance | Unamortized original issue discount | Unamortized deferred financing costs | Carrying value
2029 Term Loan Facility | $850.0 | $(12.2) | $(7.7) | $830.1 | $— | $— | $— | $—
Senior Secured Term Loan | — | — | — | — | 350.4 | (5.2) | (1.1) | 344.1
2026 Senior Notes | — | — | — | — | 291.6 | (5.8) | (4.6) | 281.2
2031 Notes | 223.7 | (5.0) | (2.8) | 215.9 | — | — | — | —
2027 Notes | 38.1 | (4.2) | (0.1) | 33.8 | 485.3 | (67.8) | (1.5) | 416.0
2024 Notes | — | — | — | — | 3.3 | — | — | 3.3
Total debt | $1,111.8 | $(21.4) | $(10.6) | $1,079.8 | $1,130.6 | $(78.8) | $(7.2) | $1,044.6
Less: Current portion of long-term debt | $(74.3) | $— | $— | $(74.3) | $(63.8) | $— | $— | $(63.8)
Non-current portion of long-term debt | $1,037.5 | $(21.4) | $(10.6) | $1,005.5 | $1,066.8 | $(78.8) | $(7.2) | $980.8
Term Loans 2029 Term Loan Facility On October 15, 2024 (the "Closing Date"), the Company entered into an Amendment and Restatement Agreement (the "Amendment and Restatement Agreement") among the Company, as a guarantor, Gannett Holdings LLC ("Gannett Holdings"), a wholly owned subsidiary of the Company, as the borrower (in such capacity, the "Borrower"), certain subsidiaries of the Borrower as guarantors, the lenders party thereto, Citibank, N.A., as the existing collateral agent and administrative agent for the lenders, and Apollo Administrative Agency LLC, as the successor collateral agent and administrative agent for the lenders, which amended and restated the Company's existing First Lien Credit Agreement dated as of October 15, 2021 (as amended, supplemented or otherwise modified from time to time prior to the Closing Date, the "Existing Credit Agreement"; the Existing Credit Agreement, as amended and restated by the Amendment and Restatement Agreement, the "Amended Credit Agreement") by and among the Company, as guarantor, the Borrower, certain subsidiaries of the Borrower as guarantors and Citibank, N.A., as administrative agent and collateral agent. The Amended Credit Agreement provides for a new $900.0 million five-year first lien term loan facility (the "2029 Term Loan Facility"), which refinanced and replaced the Company's existing Senior Secured Term Loan (defined below). The 2029 Term Loan Facility is comprised of an initial term loan facility of $850.4 million, funded on the Closing Date (the "2029 Initial Draw Facility"), and a delayed draw term loan facility of $49.6 million (the "2029 Delayed Draw Facility"), which has been made available to the Borrower at its discretion from the Closing Date and for a period of six months thereafter, subject to certain terms and conditions. As of December 31, 2024, no amounts have been drawn under the 2029 Delayed Draw Facility. As of the Closing Date, the lenders under the Amended Credit Agreement consisted primarily of funds, accounts or other clients managed by Apollo Capital Management, L.P. or its affiliates (the "Apollo Funds"), with $40.4 million of loans being provided by investors that elected the Loan Option Consideration in the 2026 Senior Notes Exchange Offer (as defined below). Pursuant to the Amended Credit Agreement, Apollo Administrative Agency LLC was appointed as the successor administrative agent and the successor collateral agent to Citibank, N.A. The 2029 Term Loan Facility bears interest at an annual rate equal, at the Borrower's option, to either (i) an alternate base rate (which shall not be less than 2.50% per annum) plus a margin equal to 4.00% per annum or (ii) Adjusted Term SOFR (which shall be no less than 1.50%) plus a margin equal to 5.00% per annum. The 2029 Term Loan Facility will mature on October 15, 2029 and will be freely prepayable without penalty. The 2029 Term Loan Facility is amortized at a rate of $17.0 million per quarter, with such rate to be adjusted upon the borrowing of any delayed-draw term loans to the extent necessary to cause such delayed-draw term loans to be fungible with the initial term loans under the 2029 Term Loan Facility. In addition, we are required to repay the 2029 Term Loan Facility from time to time with (i) the proceeds of non-ordinary course asset sales and casualty and condemnation events, (ii) the proceeds of indebtedness that is not otherwise permitted under the 2029 Term Loan Facility and (iii) the aggregate amount of cash and cash equivalents on hand at the Company and our restricted subsidiaries in excess of $100.0 million as of the last day of any fiscal year of the Company (beginning with the fiscal year ended December 31, 2024). Proceeds from the 2029 Initial Draw Facility, funded on the Closing Date, were used on the Closing Date to prepay in full the Senior Secured Term Loan (as defined below), to repurchase the 2026 Senior Notes (as defined below) that were tendered by the holders thereof in the 2026 Senior Notes Exchange Offer and to repurchase the 2027 Notes (as defined below) that were exchanged by the holders thereof on the Closing Date pursuant to the Convertible Notes Exchange (as defined below). The proceeds of the 2029 Delayed Draw Facility may be used to repurchase, redeem, defease or otherwise discharge outstanding 2027 Notes not exchanged in the Convertible Notes Exchange. As of December 31, 2024, the 2029 Term Loan Facility was recorded at carrying value, which approximated fair value, in the Consolidated balance sheet and was classified as Level 2. As of December 31, 2024, the Company was in compliance with all of the covenants and obligations under the 2029 Term Loan Facility. Senior Secured Term Loan On October 15, 2021, Gannett Holdings entered into the Senior Secured Term Loan in an original aggregate principal amount of $516.0 million (the "Senior Secured Term Loan") with Citibank N.A., as collateral agent and administrative agent for the lenders. On January 31, 2022, Gannett Holdings entered into an amendment (the "Term Loan Amendment") to the Senior Secured Term Loan to provide for new incremental senior secured term loans (the "Incremental Term Loans") in an aggregate principal amount of $50 million. The Incremental Term Loans had substantially identical terms as the Senior Secured Term Loan and were treated as a single tranche with the Senior Secured Term Loan. The Term Loan Amendment also amended the Senior Secured Term Loan to transition the interest rate base from the London Interbank Offered Rate ("LIBOR") to the Adjusted Term Secured Overnight Financing Rate ("Adjusted Term SOFR"). During 2022, Gannett Holdings entered into two separate amendments to the Senior Secured Term Loan to provide for incremental senior secured term loans totaling an aggregate principal amount of $30.0 million (collectively, the "Exchanged Term Loans"). The Exchanged Term Loans had substantially identical terms as the Senior Secured Term Loan and Incremental Term Loans and were treated as a single tranche with the Senior Secured Term Loan and the Incremental Term Loans. As noted above, in October 2024, the 2029 Term Loan Facility refinanced and replaced the Senior Secured Term Loan. The Senior Secured Term Loan bore interest at a per annum rate equal to the Adjusted Term SOFR (which shall not be less than 0.50% per annum) plus a margin equal to 5.00% or an alternate base rate (which shall not be less than 1.50% per annum) plus a margin equal to 4.00%. Loans under the Senior Secured Term Loan were able to be prepaid, at the option of Gannett Holdings, at any time without premium. In addition, we were required to repay the Senior Secured Term Loan from time to time with (i) the proceeds of non-ordinary course asset sales and casualty and condemnation events, (ii) the proceeds of indebtedness not permitted under the Senior Secured Term Loan, and (iii) the aggregate amount of cash and cash equivalents on hand at the Company and its restricted subsidiaries in excess of $100 million at the end of each fiscal year of the Company. Subsequent to the amendment effective as of April 8, 2022, the Senior Secured Term Loan was amortized at $15.1 million per quarter (or, if the ratio of debt secured on an equal basis with the Senior Secured Term Loan less unrestricted cash of the Company and its restricted subsidiaries to Consolidated EBITDA (as such terms were defined in the Senior Secured Term Loan) (such ratio, the "First Lien Net Leverage Ratio"), for the most recently ended period of four consecutive fiscal quarters was equal to or less than 1.20 to 1.00, $7.6 million per quarter). All obligations under the Senior Secured Term Loan were secured by all or substantially all of the assets of the Company and the wholly-owned domestic subsidiaries of the Company (the "Senior Secured Term Loan Guarantors"). The obligations of Gannett Holdings under the Senior Secured Term Loan were guaranteed on a senior secured basis by the Company and the Senior Secured Term Loan Guarantors. During the year ended December 31, 2024, the Company received a waiver from certain lenders of the Senior Secured Term Loan that reduced the scheduled quarterly amortization payments payable to those lenders by $12.0 million for the year ended December 31, 2024, and which was the amount used by the Company to repurchase a portion of its 2026 Senior Notes (defined below) in March 2024. As of December 31, 2023, the Senior Secured Term Loan was recorded at carrying value, which approximated fair value, in the Consolidated balance sheet and was classified as Level 2. Term Loan Summary The 2029 Term Loan Facility contains and the Senior Secured Term Loan (collectively with the 2029 Term Loan Facility, the "Term Loans") contained usual and customary covenants for credit facilities of this type, including a requirement to have minimum unrestricted cash of $30 million as of the last day of each fiscal quarter, and restricts, among other things, our ability to incur debt, grant liens, sell assets, make investments and pay dividends, in each case with customary exceptions, including an exception that permits dividends and repurchases of outstanding junior debt or equity in (i) an amount of up to $25 million per fiscal quarter if the First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 2.00 to 1.00 but greater t han 1.50 to 1.00, (ii) an amount of up to $50 million per fiscal quarter if the First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 1.50 to 1.00 but greater than 1.00 to 1.00, and (iii) an unlimited amount if the First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 1.00 to 1.00. There were certain lenders that participated in the 2029 Term Loan Facility, whose balances in the Senior Secured Term Loan and the 2026 Senior Notes were deemed to be modified. As a result, the Company continues to defer, over the term of the 2029 Term Loan Facility, the original issue discount and deferred financing fees from the Senior Secured Term Loan of $1.3 million and $0.3 million, respectively, and original issue discount and deferred financing fees from the 2026 Senior Notes of $0.9 million and $0.7 million, respectively, related to those lenders. Original issue discount of $10.6 million was allocated to both the new lenders in the 2029 Term Loan Facility as well as those lenders whose balances in the Senior Secured Term Loan and the 2026 Senior Notes were deemed to be modified on a pro-rata basis. Additionally, deferred financing fees of $7.1 million were allocated to the new lenders in the 2029 Term Loan Facility, as well as those lenders whose balances in the Senior Secured Term Loan and the 2026 Senior Notes were deemed to be extinguished. Such amounts were capitalized and are being amortized over the term of the 2029 Term Loan Facility using the effective interest method. For the year ended December 31, 2024, original issue discount of $2.2 million related to the 2029 Term Loan Facility was allocated to the lenders whose balances in the Senior Secured Term Loan and the 2026 Senior Notes were deemed to be extinguished and third-party fees of $5.0 million related to the 2029 Term Loan Facility were allocated to the lenders whose balances in the Senior Secured Term Loan and the 2026 Senior Notes were deemed to be modified. Such amounts were expensed and recorded in Other operating expenses in the Consolidated statements of operations and comprehensive income (loss). In connection with the Term Loans, during the years ended December 31, 2024 and 2023, the Company recognized interest expense of $45.0 million and $40.0 million, respectively, and paid cash interest of $42.5 million and $40.0 million, respectively. For the years ended December 31, 2024 and 2023, the Company recognized amortization of original issue discount of $2.3 million and $2.8 million, respectively, and amortization of deferred financing costs of $0.7 million and $0.6 million, respectively. Additionally, during the years ended December 31, 2024 and 2023, the Company recognized a loss on early extinguishment of debt of $2.5 million and $1.1 million, respectively, related to the write-off of original issue discount and deferred financing costs as a result of early prepayments on the Term Loans. For the year ended December 31, 2024, the Company prepaid $350.4 million, including quarterly amortization payments, on the Senior Secured Term Loan, and prepaid $0.5 million on the 2029 Term Loan Facility, which were classified as financing activities in the Consolidated statements of cash flows. As of December 31, 2024, the effective interest rate for the 2029 Term Loan Facility was 10.1%. 2026 Senior Notes On October 15, 2021, Gannett Holdings completed a private offering of $400 million aggregate principal amount of 6.00% first lien notes due November 1, 2026 (the "2026 Senior Notes"). The 2026 Senior Notes were issued pursuant to an indenture, dated October 15, 2021 (the "2026 Senior Notes Indenture") among Gannett Holdings, the Company, the guarantors from time to time party thereto (the "2026 Senior Notes Guarantors"), U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent, registrar, paying agent and authenticating agent. In March 2024, the Company entered into a privately negotiated agreement with certain holders of our 2026 Senior Notes, pursuant to which the Company repurchased $13.0 million of principal of our outstanding 2026 Senior Notes at a discount to par value. In connection with the repurchase of our 2026 Senior Notes in March 2024, the Company received the 2024 Waiver from certain lenders of the Senior Secured Term Loan, which was used to reduce the scheduled quarterly amortization payments payable to those lenders by approximately $12.0 million. On October 15, 2024, the Company and Gannett Holdings completed an offer to exchange (the "2026 Senior Notes Exchange Offer") any and all outstanding 2026 Senior Notes for, at the election of each holder of 2026 Senior Notes, either (a) (i) term loans under the 2029 Term Loan Facility and (ii) an upfront fee equal to 1.5% of such term loans (together with the term loans, the "Loan Option Consideration"); or (b) cash (the "Cash Option Consideration"). Pursuant to the 2026 Senior Notes Exchange Offer, $274.7 million in aggregate principal amount of the 2026 Senior Notes were tendered and accepted for exchange and subsequently canceled. 2026 Senior Notes in an aggregate principal amount of $40.4 million were exchanged for the Loan Option Consideration and 2026 Senior Notes in an aggregate principal amount of $234.3 million were exchanged for the Cash Option Consideration. Pursuant to the 2026 Senior Notes Exchange Offer, the Company paid aggregate cash consideration of $234.9 million (including the Cash Option Consideration and the upfront fee included in the Loan Option Consideration). On December 4, 2024, Gannett Holdings redeemed the remaining $3.9 million in aggregate principal amount of the 2026 Senior Notes outstanding (the "2026 Senior Notes Redemption") using the proceeds of non-ordinary course asset sales and cash on hand. During the year ended December 31, 2024, as a result of the March 2024 privately negotiated agreement with certain holders of our 2026 Senior Notes, the 2026 Senior Notes Exchange Offer and the 2026 Senior Notes Redemption, the Company recognized a loss on the early extinguishment of debt of $5.1 million, which included the write-off of original issue discount and unamortized deferred financing costs. In addition, during the year ended December 31, 2023, as a result of privately negotiated agreements with certain holders of our 2026 Senior Notes pursuant to which the Company repurchased $53.6 million of outstanding 2026 Senior Notes at a discount to par value, the Company recognized a gain on the early extinguishment of debt of $5.6 million, which included the write-off of original issue discount and unamortized deferred financing costs. As of December 31, 2023, the 2026 Senior Notes were recorded at carrying value in the Consolidated balance sheet. For the years ended December 31, 2024 and 2023, the Company recognized interest expense of $13.4 million and $19.5 million, respectively, and paid cash interest of $16.3 million and $20.1 million, respectively. For the years ended December 31, 2024 and 2023, the Company recognized amortization of original issue discount of $1.6 million and $2.3 million, respectively, and amortization of deferred financing costs of $1.2 million and $1.8 million, respectively. Senior Secured Convertible Notes due 2027, Senior Secured Convertible Notes due 2031, and the Convertible Notes Exchange The 6.000% Senior Secured Convertible Notes due 2027 (the "2027 Notes") were issued pursuant to an Indenture dated as of November 17, 2020 (as amended, supplemented or otherwise modified from time to time, the "2027 Notes Indenture"), between the Company and U.S. Bank National Association, as trustee. In connection with the issuance of the 2027 Notes, the Company entered into an Investor Agreement (the "Investor Agreement") with the holders of the 2027 Notes (the "Holders") establishing certain terms and conditions concerning the rights and restrictions on the Holders with respect to the Holders' ownership of the 2027 Notes. The Company also entered into an amendment to the Registration Rights Agreement dated November 19, 2019, between the Company and FIG LLC. On October 15, 2024, the Company completed privately negotiated transactions with certain holders of 2027 Notes pursuant to which it (i) repurchased a total of $223.6 million in aggregate principal amount of 2027 Notes for cash at a rate of $1,110 per $1,000 principal amount of 2027 Notes, for aggregate cash consideration of $248.2 million and (ii) exchanged a total of $223.6 million in aggregate principal amount of 2027 Notes for new 6.000% Senior Secured Convertible Notes due 2031 (the "2031 Notes" and such repurchase and exchange, collectively, the "Convertible Notes Exchange"). The Company also paid accrued and unpaid interest of approximately $10.0 million to the holders of 2027 Notes who participated in the Convertible Notes Exchange. Additionally, on October 15, 2024, the Company issued and sold $110,000 in aggregate principal amount of 2031 Notes in a privately negotiated transaction (the "2031 Notes Sale"). The 2031 Notes were issued pursuant to an indenture, dated as of October 15, 2024 (the "2031 Notes Indenture"), among the Company, the guarantors party thereto, U.S. Bank Trust Company, National Association, as trustee, and Alter Domus Products Corp, as collateral agent. Concurrently with the Convertible Notes Exchange, the Company and the guarantors party thereto entered into a supplemental indenture to the 2027 Notes Indenture pursuant to which (i) substantially all of the restrictive covenants contained in the 2027 Notes Indenture were eliminated, (ii) certain of the default provisions contained in the 2027 Notes Indenture were eliminated and (iii) certain related provisions were amended to conform with such eliminations. Interest on the 2027 Notes and 2031 Notes is payable semi-annually in arrears, and the 2027 Notes and 2031 Notes mature on December 1, 2027, and December 1, 2031, respectively, unless earlier repurchased or converted. The 2027 Notes and 2031 Notes may be converted at any time by the holders thereof into cash, shares of the Company's common stock, par value $0.01 per share (the "Common Stock") or any combination of cash and Common Stock, at the Company's election. The initial conversion rate for both the 2027 Notes and the 2031 Notes is 200 shares of Common Stock per $1,000 principal amount of the 2027 Notes and the 2031 Notes, respectively, which is equal to a conversion price of $5.00 per share of Common Stock (the "Conversion Price"). As of December 31, 2024, the amount by which the 2027 Notes and the 2031 Notes if-converted value exceeded its principal was $0.5 million and $2.7 million, respectively. Upon the occurrence of a "Make-Whole Fundamental Change" (as defined in the 2027 Notes Indenture and the 2031 Notes Indenture), the Company will in certain circumstances increase the conversion rate for the 2027 Notes and the 2031 Notes for a specified period of time. If a "Fundamental Change" (as defined in the 2027 Notes Indenture and the 2031 Notes Indenture) occurs, the Company will be required to offer to repurchase the 2027 Notes and the 2031 Notes at a repurchase price of 110% of the principal amount thereof. Under the 2031 Notes Indenture, the Company can only pay cash dividends up to an agreed-upon amount, provided the ratio of consolidated debt to EBITDA (as such term is defined in the 2031 Notes Indenture) does not exceed a specified ratio. In addition, the 2031 Notes Indenture provides that, at any time that the Company's Total Gross Leverage Ratio (as defined in the 2031 Notes Indenture) exceeds 1.5 and the Company approves the declaration of a dividend, the Company must offer to purchase a principal amount of 2031 Notes equal to the proposed amount of the dividend. The Company will have the right to redeem for cash up to the lesser of (i) approximately $72.8 million and (ii) 30% of the aggregate principal amount of 2031 Notes issued pursuant to the 2031 Notes Indenture, in either case, with such amount reduced by 30% of the principal amount of 2031 Notes that has been converted by the holders of the 2031 Notes or redeemed or repurchased by the Company, at a redemption price of 140% of the principal amount thereof, on or prior to December 1, 2030 (or December 1, 2028 if the 2029 Term Loan Facility is refinanced or amended to permit the redemption of the 2031 Notes in an amount equal to or greater than such principal amount of 2031 Notes). The 2027 Notes and 2031 Notes are guaranteed by Gannett Holdings and all subsidiaries of the Company that guarantee the 2029 Term Loan Facility. The 2027 Notes and 2031 Notes rank as senior secured debt of the Company and are secured by liens on the same collateral package that secures the indebtedness incurred in connection with the 2029 Term Loan Facility. The 2027 Notes are secured by liens that are junior to the liens securing indebtedness incurred under the 2029 Term Loan Facility and the 2031 Notes. The 2031 Notes are secured by liens that are junior to the liens securing indebtedness incurred under the 2029 Term Loan Facility but senior to the liens securing the 2027 Notes. The 2031 Notes Indenture includes affirmative and negative covenants, including limitations on liens, indebtedness, dispositions, loans, advances and investors, sale and leaseback transactions, restricted payments, transactions with affiliates, restrictions on dividends and other payment restrictions affecting restricted subsidiaries, negative pledges, and modifications to certain agreements. The 2031 Notes Indenture also requires that the Company maintain, as of the last day of each fiscal quarter, at least $30.0 million of Qualified Cash (as defined in the 2031 Notes Indenture). The 2027 Notes Indenture and the 2031 Notes Indenture include customary events of default. The 2027 Notes have two components: (i) a debt component, and (ii) an equity component. As of December 31, 2024 and 2023, the debt component of the 2027 Notes was recorded at carrying value in the Consolidated balance sheets. The carrying value of the 2027 Notes reflected the balance of the unamortized discount related to the value of the conversion feature assessed at inception and did not approximate fair value as of December 31, 2024. The 2027 Notes were classified as Level 2, and based on unadjusted quoted prices in the active market obtained from third-party pricing services, the Company determined that the estimated fair value of the 2027 Notes was $44.6 million as of December 31, 2024, and was primarily affected by fluctuations in market interest rates and the price of the Company's Common Stock. In connection with the Convertible Notes Exchange, for the year ended December 31, 2024, the Company recognized a gain on extinguishment of $114.6 million and a write-off of unamortized original issue discount and unamortized deferred financing costs of $50.3 million and $1.1 million, respectively. As a result of the Convertible Notes Exchange, the Company recorded a reduction in Additional paid-in capital of $237.5 million in the Consolidated balance sheet as of December 31, 2024. As of December 31, 2024, the conversion feature remaining in Additional paid-in capital was $42.0 million, net of tax. The remaining 2027 Notes are convertible into 7.6 million shares of Common Stock, based on the initial conversion price of $5.00 per share. The 2031 Notes have two components: (i) a debt component, and (ii) an equity component. The debt component of the 2031 Notes was recorded at its principal value at issuance, and as of December 31, 2024 was recorded at its carrying value in the Consolidated balance sheet. As of December 31, 2024, the 2031 Notes were classified as Level 2 and the carrying value of the 2031 Notes approximated fair value. The excess of the fair value over the principal value of the 2031 Notes was recorded in Additional Paid-in capital as the 2031 Notes were issued at a 50% premium. The equity component of the 2031 Notes was classified as Level 3, as it was calculated based on the aggregate fair value of the 2031 Notes which used a binomial lattice model and assumptions based on market information and historical data, and significant unobservable inputs. As of December 31, 2024, the amount of the equity component recorded in Additional paid-in capital was $80.4 million, net of tax. The 2031 Notes are convertible into 44.7 million shares of Common Stock, based on the initial conversion price of $5.00 per share. Pursuant to the Convertible Notes Exchange, original issue discount and deferred financing costs of $3.6 million and $2.9 million, respectively, will be amortized over the 7-year contractual life of the 2031 Notes, and the Company also continues to defer $1.6 million of original issue discount from the 2027 Notes over the 7-year contractual life of the 2031 Notes. Additionally, original issue discount and deferred financing costs of $4.4 million and $0.1 million, respectively, related to the remaining 2027 Notes will continue to be amortized over the remaining contractual life of the 2027 Notes. In connection with the 2027 Notes and the 2031 Notes, for the years ended December 31, 2024 and 2023, the Company recognized interest expense of $26.2 million and $29.1 million, respectively, and paid cash interest of $27.4 million and $29.1 million, respectively. In connection with the 2027 Notes and the 2031 Notes, for the years ended December 31, 2024 and 2023, the Company recognized amortization of original issue discount of $11.9 million and $13.4 million, respectively, and amortization of deferred financing costs of $0.3 million and $0.3 million, respectively. The effective interest rate on the debt component of the 2027 Notes was 10.50% as of December 31, 2024. The effective interest rate on the debt component of the 2031 Notes was 6.60% as of December 31, 2024. For the year ended December 31, 2024, no shares of Common Stock were issued upon conversion, exercise, or satisfaction of the required conditions of the 2027 Notes or the 2031 Notes. Refer to Note 12 — Supplemental equity and other information for details on the impact of the 2027 Notes and the 2031 Notes to diluted earnings per share under the if-converted method.Senior Convertible Notes due 2024 The $3.3 million principal value of the remaining 4.75% convertible senior notes was repaid on April 15, 2024 (the "2024 Notes"). As of December 31, 2023, the 2024 Notes were reported within the Current portion of long-term debt and were recorded at carrying value, which approximated fair value, in the condensed consolidated balance sheet and were classified as Level 2.Future debt obligation payments Future debt obligation payments for the year ended December 31, are as follows:
In millions | Principal payments
2025 | $68.0
2026 | 68.0
2027 | 106.1
2028 | 68.0
2029 and thereafter | 801.7
Total debt obligations | $1,111.8

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