v3.26.1
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables)
3 Months Ended
Mar. 31, 2026
Summary of the carrying value of corporate borrowings and capital and financing lease liabilities

(In millions)

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Secured Debt:

Credit Agreement-Term Loans due 2029 (10.675% as of March 31, 2026 and 10.731% as of December 31, 2025)

$

1,989.2

$

1,994.2

12.75% Odeon Senior Secured Notes due 2027

400.0

400.0

Senior Secured Exchangeable Notes due 2030 (1.5% cash interest)

155.8

155.8

Senior Secured Notes due 2029 (9.0% cash interest & 6.0% PIK interest as of March 31, 2026)

877.1

877.1

6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030

111.6

111.6

7.5% First Lien Notes due 2029

360.0

360.0

Unsecured Debt:

6.125% Senior Subordinated Notes due 2027

125.5

125.5

Total principal amount of corporate borrowings

$

4,019.2

$

4,024.2

Finance lease liabilities

 

50.0

 

52.5

Accrued paid-in-kind interest

18.1

2.7

Deferred financing costs

(76.7)

(64.4)

Net discount (1)

(64.4)

(68.5)

Bifurcated embedded derivative – Senior Secured Exchangeable Notes due 2030

62.2

131.9

Bifurcated embedded derivative – 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030

5.5

12.6

Total carrying value of corporate borrowings and finance lease liabilities

$

4,013.9

$

4,091.0

Less:

Current maturities of corporate borrowings

(19.8)

 

(19.9)

Current maturities of finance lease liabilities

(5.8)

(5.8)

Total noncurrent carrying value of corporate borrowings and finance lease liabilities

$

3,988.3

$

4,065.3

(1)The following table provides details of the net discount of corporate borrowings:
Summary of net discount of corporate borrowings

March 31,

December 31,

(In millions)

2026

2025

12.75% Odeon Senior Secured Notes due 2027

$

(12.8)

$

(14.6)

Senior Secured Notes due 2029

59.1

62.5

Senior Secured Exchangeable Notes due 2030

(55.0)

(57.4)

Credit Agreement-Term Loans due 2029

(29.9)

(32.6)

6.00%/8.00% Cash/PIK/Toggle Senior Secured Exchangeable Notes due 2030

(25.8)

(26.4)

Net discount

$

(64.4)

$

(68.5)

Schedule of principal payments required and maturities of corporate borrowings

The following table provides the principal payments required and maturities of corporate borrowing as of March 31, 2026:

Principal

Amount of

Corporate

(In millions)

  ​ ​ ​

Borrowings

Nine months ended December 31, 2026

$

14.9

2027

545.2

2028

 

19.5

2029

 

3,172.2

2030

 

267.4

Total

$

4,019.2

Schedule of Debt Repurchases and Exchanges

The table below summarizes the various cash debt repurchase transactions during the three months ended March 31, 2025.

Aggregate Principal

Reacquisition

(Gain)/Loss on

Accrued Interest

(In millions)

Repurchased

Cost

Extinguishment

Paid

5.75% Senior Subordinated Notes due 2025

$

1.3

$

1.3

$

$

6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030  
Summary of debt validly tendered and accepted

Carrying Value

Carrying Value

as of

(Increase) Decrease to

as of

(In millions)

December 31, 2025

Net Earnings (Loss)

March 31, 2026

Principal balance

$

111.6

$

$

111.6

Discount

(26.4)

0.6

(25.8)

Debt issuance costs

(5.2)

0.1

(5.1)

Accrued paid-in-kind interest

0.4

2.2

2.6

Bifurcated embedded derivative

12.6

(7.1)

5.5

Carrying value

$

93.0

$

(4.2)

$

88.8

Senior Secured Exchangeable Notes due 2030  
Summary of debt validly tendered and accepted

Carrying Value

Deferred

Consent Fee

Carrying Value

as of

(Increase) Decrease to

Charges

Paid With

as of

(In millions)

December 31, 2025

Net Earnings (Loss)

Activity

Common Stock

March 31, 2026

Principal balance

$

155.8

$

$

$

$

155.8

Discount

(57.4)

2.4

(55.0)

Debt issuance costs

(14.8)

0.6

1.6

(12.6)

Bifurcated embedded derivative

131.9

(52.4)

(1.6)

(15.7)

62.2

Carrying value

$

215.5

$

(49.4)

$

$

(15.7)

$

150.4