v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Long-Term Debt
Long-term debt, net of an unamortized discount and debt issuance costs, consisted of the following:
Original
Principal		Annual
Interest Rate		Maturity
Date		March 31, 2025December 31, 2024
2024 Term Loan Facility, net of unamortized discount(1)
741 Variable4/4/2029736 735 
2024-B Term Loan Facility, net of unamortized discount(1)
902 Variable9/30/2031894 896 
Senior Notes due 2029 1,075 4.625 %3/15/20291,075 1,075 
RMB Term Loan Facility(1)
64 Variable8/16/202957 58 
Australian Government Loan, net of unamortized discountN/AN/A12/31/20361 1 
MGT Loan(2)
36VariableVariable17 19 
Finance leases41 42 
Long-term debt2,821 2,826 
Less: Long-term debt due within one year(38)(35)
Debt issuance costs(30)(32)
Long-term debt, net$2,753 $2,759 
_______________
(1)The average effective interest rate on the 2024 Term Loan Facility (including the impacts of the interest rate swaps), the 2024-B Term Loan Facility (including the impacts of the interest rate swaps), the Standard Bank Term Loan Facility and the RMB Term Loan Facility was 7.3%, 6.5%, and 10.1%, respectively, during the three months ended March 31, 2025. The average effective interest rate on the previous Term Loan Facility (including the impacts of the interest rate swaps), the previous 2022 Term Loan Facility, the previous 2023 Term Loan Facility and the previous Standard Bank Term Loan Facility was 5.7%, 9.0%, 9.2% and 10.6%, respectively, during the three months ended March 31, 2024. As of March 31, 2025, the applicable margin on the 2024 Term Loan Facility, the 2024-B Term Loan Facility and the RMB Term Loan Facility was 2.25%, 2.50% and 2.35%, respectively.
(2)The MGT loan is a related party debt facility. The average effective interest rate on the MGT loan was 6.1% and 6.0% during the three months ended March 31, 2025 and March 31, 2024, respectively.
Short-Term Debt
Short-term debt consisted of the following:
Annual Interest RateMaturity DateMarch 31, 2025December 31, 2024
New Cash Flow Revolver(1)
Variable8/15/2029$50 $33 
RMB Revolving Credit Facility(1)
Variable8/16/202760 21 
Emirates Revolver(1)
Variable6/4/202558 — 
SABB Credit Facility(1)
Variable12/16/202511 — 
Insurance premium financing8.6 %5/31/20254 11 
Short-term debt$183 $65 
(1) The average effective interest rate on the new Cash Flow Revolver, the RMB Revolving Credit Facility, the Emirates Revolver, and the SABB Credit Facility was 7.9%, 9.63%, 5.80%, and 7.11%, respectively, during the three months ended
March 31, 2025. As of March 31, 2025, the applicable margin on the new Cash Flow Revolver, the RMB Revolving Credit Facility, the Emirates Revolver, and the SABB Credit Facility was 2.25%, 2.25%, 1.75%, and 1.50%, respectively.
As of April 28, 2025, the total outstanding principal balance on our short-term debt facilities was approximately $212 million (excluding the insurance premium financing).
Insurance premium financing
In August 2024, the Company entered into a $29 million insurance premium financing agreement with a third-party financing company. The financing balance required a 37% down payment and is repaid in monthly installments over 9 months at an 8.6% fixed annual interest rate. As of March 31, 2025, the financing balance was $4 million and is recorded in "Short-term debt" in the Condensed Consolidated Balance Sheet.
Debt Covenants
As of March 31, 2025, we are in compliance with all financial covenants in our debt facilities.