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Note 6 - Debt and Credit Facilities
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Credit Facilities

NOTE 6: DEBT AND CREDIT FACILITIES

 

Term Loan Credit Agreement

On March 11, 2026, in connection with the Series B Preferred Stock Amendment (refer to Note 7, “Redeemable, Convertible Preferred Stock” for additional details on the Series B Preferred Stock Amendment), the Company and certain of its subsidiaries entered into the Fourth Amendment to the term loan credit agreement (the “Term Loan Amendment”), which amends the Company’s Amended and Restated Credit Agreement, dated as of June 30, 2023 (as amended, the “Term Loan Credit Agreement”) between the Company, certain of its subsidiaries, the lenders party thereto, and Alter Domus (US) LLC, as administrative agent. Under the Term Loan Credit Agreement, the term loan lenders provided the Company with a commitment to provide term loans in an aggregate principal amount of $450 million (the “Term Loans”). Certain holders of Series B Preferred Stock as well as funds under common management with holders of the Series B Preferred Stock are lenders under the Term Loan Credit Agreement.

The Term Loan Amendment required the Company to prepay an aggregate $50 million principal amount of Term Loans on or prior to March 18, 2026 and requires an additional $50 million principal amount of Term Loans on or prior to June 1, 2026, in each case, plus a prepayment premium equal to one percent.

On March 13, 2026, the Company paid $50 million of the outstanding principal amount of the Term Loans, $1 million in accrued uncapitalized interest and a prepayment premium equal to one percent of the principal amount paid. The Company recorded a loss on early extinguishment of debt of approximately $1 million during the first quarter of 2026. The $50 million principal amount due on or prior to June 1, 2026 is included in Short-term borrowings and current portion of long-term debt in the Consolidated Statement of Financial Position.