Debt (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Long-term Debt, Net of an Unamortized Discount and Debt Issuance Costs

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, 2025		December 31, 2024
2024 Term Loan Facility, net of unamortized discount(1)	741	Variable		4/4/2029	736		735
2024-B Term Loan Facility, net of unamortized discount(1)	902	Variable		9/30/2031	894		896
Senior Notes due 2029	1,075	4.625	%	3/15/2029	1,075		1,075
RMB Term Loan Facility(1)	64	Variable		8/16/2029	57		58
Australian Government Loan, net of unamortized discount	N/A	N/A		12/31/2036	1		1
MGT Loan(2)	36	Variable		Variable	17		19
Finance leases					41		42
Long-term debt					2,821		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.

Schedule of Short-Term Debt

Short-term debt consisted of the following:


	Annual Interest Rate		Maturity Date	March 31, 2025		December 31, 2024
New Cash Flow Revolver(1)	Variable		8/15/2029	$	50	$	33
RMB Revolving Credit Facility(1)	Variable		8/16/2027	60		21
Emirates Revolver(1)	Variable		6/4/2025	58		—
SABB Credit Facility(1)	Variable		12/16/2025	11		—
Insurance premium financing	8.6	%	5/31/2025	4		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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details