v3.25.2
LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), long-term debt consisted of the following:
SuccessorPredecessor
(in thousands)June 30,
2025		December 31,
2024
Term Loan Facility(1)
$1,876,925 $1,886,650 
Revolving Credit Facility250,000 — 
11.00% Senior Secured Notes due 2028
500,000 — 
5.625% Senior Notes due 2029
750,000 750,000 
5.875% Senior Notes due 2031
735,000 735,000 
Less: Unamortized original issue discount(13,685)(19,760)
Less: Unamortized deferred financing fees(5,771)(33,117)
Less: Unamortized fair value adjustment(2)
(511,300)— 
Long-term debt, including current portion3,581,169 3,318,773 
Less: Current portion of Term Loan and Revolving Credit Facility(19,450)(19,450)
Long-term debt, net of discount, deferred financing fees and fair value adjustment, excluding current portion$3,561,719 $3,299,323 
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(1)    The Company has a series of interest rate derivatives to synthetically convert $1.0 billion notional of the Company’s variable rate Term Loan Facility into fixed rate debt, and a series of cross currency swap derivatives to synthetically convert $500.0 million and $200.0 million notional of the Company’s USD denominated Term Loan Facility into fixed rate EUR and GBP denominated debt, respectively, through its maturity in 2028. Refer to Note 11 “Derivative Instruments” for further information.
(2)    Represents adjustment to recognize the Company’s existing debt at fair value in the Company Merger, calculated as the difference between the fair value of the Company’s term loan facility and unsecured notes, estimated based on quoted prices in active markets as of the Closing Date, and the respective ending principal balances as of February 7, 2025. The adjustment is amortized through Interest Expense, Net using the effective interest method.