v3.24.1

LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | Long-term debt was comprised of the following as of December 31, 2023:
|  | As of December 31,
Long-Term Debt (1) |  | 2023 |  | 2022
|  | (amounts in thousands)
Old Credit Facility |  |  |  |
Old Revolver, matures August 19, 2024 |  | $ | 220,126 |  |  | $ | 180,000 |
Old Term B-2 Loan, due November 17, 2024 |  | 632,415 |  |  | 632,415 |
Plus unamortized premium |  | 836 |  |  | 1,116 |
|  | 853,377 |  |  | 813,531 |
Old 2027 Notes |  |  |  |
6.500% notes due May 1, 2027 |  | 460,000 |  |  | 460,000 |
Plus unamortized premium |  | 2,477 |  |  | 3,220 |
|  | 462,477 |  |  | 463,220 |
Old 2029 Notes |  |  |  |
6.750% notes, due March 31, 2029 |  | 540,000 |  |  | 540,000 |
|  | 540,000 |  |  | 540,000 |
Old Accounts receivable facility, matures July 15, 2024 |  | 75,000 |  |  | 75,000 |
Other debt |  | — |  |  | 23 |
Total debt before deferred financing costs |  | 1,930,854 |  |  | 1,891,774 |
Deferred financing costs (excludes the revolving credit) |  | (6,831) |  |  | (11,412) |
Total long-term debt, net |  | 1,924,023 |  |  | 1,880,362 |
Current portion of long-term debt |  | (1,924,023) |  |  | — |
Total long-term debt, net of current portion |  | $ | — |  |  | $ | 1,880,362 |
Outstanding standby letters of credit |  | $ | — |  |  | $ | 5,909 |
(1) As of December 31, 2023, the Company had $1.9 billion of consolidated debt. The filing of the Chapter 11 Cases on January 7, 2024 constituted an event of default with respect to the Company's existing debt obligations other than its old accounts receivable facility, which accounted for $75.0 million of the Company's consolidated debt. As a result of the filing of the Chapter 11 Cases, all of such debt of the Debtors (which excludes the accounts receivable facility) became immediately due and payable, but any efforts to enforce such payment obligations were automatically stayed as a result of the Chapter 11 Cases. These debt obligations and substantially all other prepetition obligations of the Debtors are subject to settlement under the Plan which was confirmed by the Bankruptcy Court on February 20, 2024. Prior to the filing of the Chapter 11 Cases, the Company elected to utilize certain grace periods (described in detail below) for certain interest payments under its debt agreements and obtained extensions of certain grace periods and amendments to certain requirements under those agreements as further described below.
Schedule of Net Interest Expense | The components of net interest expense are as follows:
|  | Year Ended December 31,
Net Interest Expense |  | 2023 |  | 2022 |  |
|  | (amounts in thousands)
Interest expense |  | $ | 133,105 |  |  | $ | 103,470 |  |  |
Amortization of deferred financing costs |  | 6,048 |  |  | 5,115 |  |  |
Amortization of original issue discount (premium) of senior notes |  | (1,021) |  |  | (1,024) |  |  |
Interest income and other investment income |  | — |  |  | (70) |  |  |
Total net interest expense |  | $ | 138,132 |  |  | $ | 107,491 |  |  |
Schedule of Maturities of Long-term Debt | The minimum aggregate principal maturities on the Company’s outstanding debt (excluding any impact from required principal payments based upon the Company’s future operating performance) are as follows:
| Principal Debt Maturities
| Old Term B-2 Loan |  | Old Revolver |  | Old 2027 Notes |  | Old 2029 Notes |  | Old Accounts Receivable Facility |  |  |  | Total
| (amounts in thousands)
Years ending December 31 |  |  |  |  |  |  |  |  |  |  |  |  |
2024 | $ | 632,415 |  |  | $ | 220,126 |  |  | $ | 460,000 |  |  | $ | 540,000 |  |  | 75,000 |  |  |  |  | $ | 1,927,541 |
2025 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
2026 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
2027 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
2028 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Thereafter | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total | $ | 632,415 |  |  | $ | 220,126 |  |  | $ | 460,000 |  |  | $ | 540,000 |  |  | $ | 75,000 |  |  |  |  | $ | 1,927,541 |

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