Debt (Tables)

3 Months Ended

Jun. 30, 2025

Schedule of Total Debt, Excluding Film Related Obligations

Total debt of the Company, excluding film related obligations, was as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Corporate debt:
Revolving Credit Facility(1)	$	20.0	$	—
Term Loan A(1)	—		314.4
Senior Notes	389.9		389.9
eOne IP Credit Facility	314.5		323.0
LG IP Credit Facility	953.8		978.8
3 Arts Credit Facility	30.1		—
Total corporate debt	1,708.3		2,006.1
Unamortized debt issuance costs	(42.9)		(33.2)
Total debt, net	1,665.4		1,972.9
Less current portion	(136.6)		(134.0)
Non-current portion of debt	$	1,528.8	$	1,838.9

________________________

(1)As of June 30, 2025, Revolving Credit Facility amounts reflect balances outstanding under the Lionsgate Credit Agreement, as further described below. In connection with the Starz Separation, all outstanding obligations in respect of principal, interest and fees under the Old Lionsgate Credit Agreement (previous Revolving Credit Facility and Term Loan A) were repaid in full. See Starz Separation below and Note 1 for further information.

Schedule of Gain (Loss) on Extinguishment of Debt

During the three months ended June 30, 2025 and 2024, the Company recorded a loss on extinguishment of debt related to the transactions described above as summarized in the table below:


	Three Months Ended June 30,
		2025		2024
		(Amounts in millions)
Loss on Extinguishment of Debt:
Senior Notes exchange(1)		$	—	$	(2.7)
Term Loan A and B prepayments(2)		—		(1.0)
Revolving Credit Facility(3)		(1.0)		—
		$	(1.0)	$	(3.7)

________________

(1)The 5.5% Senior Notes Exchange that occurred during the three months ended June 30, 2024 was considered a modification of terms since the present value of the cash flows after the amendment differed by less than a 10% change from the present value of the cash flows on a creditor-by-creditor basis prior to the amendment. Accordingly, the unamortized debt issuance costs are being amortized over the applicable term of the debt and the third-party costs attributable to continuing operations of $2.7 million were expensed as a loss on extinguishment of debt in the three months ended June 30, 2024. As discussed in Note 2, discontinued operations includes interest and other related expenses associated with debt positions that remained with Starz following the completion of the Starz Separation, specifically the Existing Notes that were not exchanged for the Exchange Notes.

(2)The prepayments during the three months ended June 30, 2025 are related to the termination of the Old Lionsgate Credit Agreement, which included Term Loan A. Upon the Starz Separation, the Old Lionsgate Credit Agreement was terminated, and all Term Loan A balances were repaid. The prepayments during the three months ended June 30, 2024 were voluntary prepayments, allowable under the agreement with no penalty. The repayments were treated as extinguishments and all unamortized debt issuance costs were written off as losses on extinguishment.

(3)As discussed above, in connection with the Starz Separation, the previous revolving credit facility under the Old Lionsgate Credit Agreement was terminated and a new revolving credit facility was entered into under the Lionsgate Credit Agreement. The associated costs were accounted for as follows: (i) if the borrowing capacity (measured as the amount available under the revolving credit facility multiplied by the remaining term) was less than it was prior to the termination and issuance, measured on a creditor-by-creditor basis, the unamortized debt issuance costs were written off as a loss on extinguishment of debt in proportion to the decrease in borrowing capacity, and (ii) all fees paid to third-parties (i.e., new debt issuance costs) are being amortized over the term of the new revolving credit facility under the Lionsgate Credit Agreement.