Long-term Debt

Long-term debt consisted of the following indebtedness of Station LLC (amounts in thousands):


	June 30, 2025		December 31, 2024
Term Loan B Facility due March 14, 2031, interest at margin above SOFR or base rate (6.33% and 6.38% at June 30, 2025 and December 31, 2024, respectively), net of unamortized discount and deferred costs of $19.2 million and $20.6 million at June 30, 2025 and December 31, 2024, respectively	$	1,531,143	$	1,537,591
Revolving Credit Facility due March 14, 2029, interest at a margin above SOFR or base rate (5.83% and 5.86% at June 30, 2025 and December 31, 2024, respectively)	155,000		155,000
6.625% Senior Notes due March 14, 2032, net of unamortized deferred issuance costs of $5.9 million and $6.2 million at June 30, 2025 and December 31, 2024, respectively	494,148		493,810
4.625% Senior Notes due December 1, 2031, net of unamortized deferred issuance costs of $4.2 million and $4.5 million at June 30, 2025 and December 31, 2024, respectively	495,813		495,537
4.50% Senior Notes due February 15, 2028, net of unamortized discount and deferred issuance costs of $3.1 million and $3.6 million at June 30, 2025 and December 31, 2024, respectively	687,723		687,178
Other long-term debt, weighted-average interest of 3.87% and 3.88% at June 30, 2025 and December 31, 2024, respectively, net of unamortized discount and deferred issuance costs of $0.1 million at December 31, 2024	37,719		38,364
Total long-term debt	3,401,546		3,407,480
Current portion of long-term debt	(52,252)		(52,913)
Total long-term debt, net	$	3,349,294	$	3,354,567

Credit Facility

On March 14, 2024, Station LLC incurred (i) a senior secured term “B” loan facility in an aggregate principal amount of $1.57 billion (the “Term Loan B Facility”) and (ii) a senior secured revolving credit facility with a borrowing capacity of up to $1.1 billion (the “Revolving Credit Facility” and, together with the Term Loan B Facility, the “Credit Facility”). The Revolving Credit Facility will mature on March 14, 2029 and the Term Loan B Facility will mature on March 14, 2031. As last amended in December 2024, the Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either the forward-looking Secured Overnight Financing Rate term (“Term SOFR”) plus 2.00% or base rate plus 1.00%. As last amended in March 2024, the Revolving Credit Facility bears interest at a rate per annum, at Station LLC’s option, equal to either Term SOFR plus an amount ranging from 1.50% to 1.75% or base rate plus an amount ranging from 0.50% to 0.75%, depending on Station LLC’s consolidated senior secured net leverage ratio.

The Credit Facility contains a number of customary covenants, including requirements that Station LLC maintain throughout the term of such facility and measured as of the end of each quarter, a maximum total secured leverage ratio of 5.00 to 1.00. A breach of the financial ratio covenants shall only become an event of default if not cured and a Covenant Facility Acceleration has occurred. Management believes the Company was in compliance with all applicable covenants at June 30, 2025.

Revolving Credit Facility

At June 30, 2025, Station LLC’s borrowing availability under the Revolving Credit Facility, subject to continued compliance with the terms of the facility, was $897.4 million, which was net of $155.0 million in outstanding borrowings and $47.6 million in outstanding letters of credit and similar obligations.

Senior Notes

On March 14, 2024, Station LLC issued $500.0 million in aggregate principal amount of 6.625% senior notes due 2032 (the “6.625% Senior Notes”) pursuant to an indenture dated as of March 14, 2024, among Station LLC, the guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee. In November 2021, Station LLC issued $500.0 million in aggregate principal amount of 4.625% Senior Notes due 2031, (the “4.625% Senior Notes”) pursuant to an indenture dated as of November 26, 2021, among Station LLC, the guarantors party thereto and Computershare Trust Company, National Association, as trustee. In February 2020, Station LLC issued $750.0 million in aggregate principal amount of 4.50% Senior Notes due 2028 (the “4.50% Senior Notes”) pursuant to an indenture dated as of February 7, 2020, among Station LLC, the

guarantors party thereto and Wells Fargo Bank, National Association, as trustee. A description of the 6.625% Senior Notes, the 4.625% Senior Notes and the 4.50% Senior Notes is included in Note 8 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.