Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Debt and Finance Lease Obligations

Debt obligations, including finance lease obligations, consisted of the following (in millions):


	June 30, 2025		December 31, 2024
Infrastructure
SOFR plus 3.00% Line of Credit	$	30.0	$	—
SOFR plus 3.00% Term Loan	85.0		—
PRIME minus 0.75% Line of Credit	—		45.0
3.25% Term Loan	—		74.6
PRIME minus 0.75% Term Loan	—		24.5
Obligations under finance leases	0.2		0.6
Total Infrastructure	$	115.2	$	144.7

Spectrum
8.50% Note	$	19.3	$	19.3
11.45% Notes	50.4		50.4
Total Spectrum	$	69.7	$	69.7

Life Sciences
20.00% Notes	$	26.5	24.0
Total Life Sciences	$	26.5	$	24.0

Non-Operating Corporate
8.50% Senior Secured Notes	$	330.0	$	330.0
7.50% Convertible Senior Notes	48.9		48.9
SOFR plus 5.75% Line of Credit	20.0		20.0
CGIC Unsecured Note	31.0		31.0
Total Non-Operating Corporate	$	429.9	$	429.9

Total outstanding principal	$	641.3	$	668.3
Unamortized issuance discount, issuance premium, and deferred financing costs	(3.7)		(5.5)
Less: current portion of debt obligations	(477.5)		(162.2)
Debt obligations, net of current portion	$	160.1	$	500.6

Subsequent to quarter end, on August 4, 2025, the Company closed a series of indebtedness refinancing transactions that will extend certain of the Company’s debt maturities. The refinancing transactions include (i) the initial closing of an exchange offer and consent solicitation with respect to the Company’s senior secured notes, (ii) privately negotiated exchanges of certain of the Company’s convertible senior notes, (iii) amendment and extension of the Company’s 2020 revolving credit agreement, (iv) amendment and extension of the Company’s CGIC note, as well as the exchange of a portion of the Company’s preferred stock held by CGIC in exchange for increasing the principal amount of that note, (v) amendment and extension of the Spectrum debt and (vi) amendment and extension of the R2 Technologies debt. Refer to Note 21. Subsequent Events for additional information.

Schedule of Maturities of Debt and Finance Lease Obligations

As of June 30, 2025, estimated future aggregate finance lease and debt payments, including interest, were as follows (in millions):


	Finance Leases		Debt		Total
2025 (remaining period) (1)(2)	$	0.1	$	169.7	$	169.8
2026 (2)	0.1		429.6		429.7
2027 (2)	—		14.1		14.1
2028	—		13.1		13.1
2029	—		13.1		13.1
Thereafter	—		90.9		90.9
Total minimum principal and interest payments	0.2		730.5		730.7
Less: Amount representing interest (1)	—		(89.4)		(89.4)
Total aggregate finance lease and debt payments	$	0.2	$	641.1	$	641.3

(1) Excludes exit fees for Spectrum and R2 Technologies.

(2) Excludes changes in certain maturities and additional estimated interest payments resulting from the extensions and refinancing subsequent to June 30, 2025, of the Non-Operating Corporate debt, the Spectrum debt, and the Life Sciences debt.