v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt

Note 7—Debt

At March 31, 2025 and December 31, 2024, debt consisted of the following (in millions):

 

 

March 31,

 

 

December 31,

 

 

 

 

2025

 

 

2024

 

 

Senior secured credit facilities, weighted-average interest rate of 6.23% and 6.26%, respectively

 

$

4,140.0

 

 

$

4,295.0

 

 

5.5% senior notes due 2027

 

 

2,000.0

 

 

 

2,000.0

 

 

6.5% senior notes due 2032

 

 

750.0

 

 

 

750.0

 

 

Unamortized original issue discount and debt issuance costs

 

 

(33.0

)

 

 

(35.4

)

 

 

 

 

6,857.0

 

 

 

7,009.6

 

 

Less: current portion of long-term debt

 

 

20.0

 

 

 

20.0

 

 

Long-term debt

 

$

6,837.0

 

 

$

6,989.6

 

 

 

 

The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes:

 

 

Amount Outstanding
at March 31, 2025

 

 

Maturity

 

Scheduled Quarterly

 

 

(in millions)

 

 

Date

 

Payments Required

Senior Secured Credit Facilities

 

 

 

 

 

 

 

Term B-8 Loans

 

$

3,350.0

 

 

May 9, 2031

 

(1)

Term A-9 Loans

 

 

790.0

 

 

September 27, 2029 (2)

 

0.625% (3)

Revolving Credit Facility

 

 

—

 

 

December 28, 2027

 

None

5.5% Senior Notes

 

 

2,000.0

 

 

September 30, 2027

 

None

6.5% Senior Notes

 

 

750.0

 

 

June 1, 2032

 

None
(1)
Per the September 2024 Incremental Joinder, scheduled quarterly payments of 0.25% are required. We have made prepayments on our Term B-8 Loans and do not have any principal quarterly payments due until March 2030.
(2)
The Term A-9 Loans will mature on the earlier to occur of (1) September 27, 2029 or (2) 91 days prior to the maturity of (x) the 5.5% Senior Notes if more than $150.0 million aggregate principal amount remains outstanding on the 91st day prior to such maturity or (y) the Revolving Credit Facility if more than $150.0 million aggregate principal amount of commitments remain outstanding on the 91st day prior to such maturity, whichever of (x) or (y) comes first.
(3)
Scheduled quarterly payment required for the first eight fiscal quarters commencing with the fiscal quarter ending December 31, 2024. The scheduled quarterly payment will increase to 1.250% for each quarter thereafter until the maturity date of the Term A-9 Loans.

 

As of March 31, 2025, we were in compliance with all financial and non-financial covenants.

 

Fair Value of Debt

The carrying amounts and fair values of financial instruments are as follows (in millions):

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Senior secured credit facilities

 

$

4,115.5

 

 

$

4,145.0

 

 

$

4,268.6

 

 

$

4,315.6

 

5.5% senior notes due 2027

 

 

1,998.3

 

 

 

1,988.0

 

 

 

1,998.1

 

 

 

1,984.2

 

6.5% senior notes due 2032

 

 

743.2

 

 

 

759.7

 

 

 

742.9

 

 

 

758.0

 

 

The above fair values, which are Level 2 liabilities, were computed based on comparable quoted market prices.