v3.26.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term and Other Debt
The following table reflects our outstanding debt (in order of priority and maturity):
As of
March 31, 2026December 31, 2025
 Final MaturityRate(s)Face ValueUnamortized debt discount/premium and deferred financing costs, netBook ValueBook Value
Senior Secured Credit Facilities:
LNWI Revolver2030variable$210 $— $210 $230 
LNWI Term Loan A2028variable785 (2)783 788 
LNWI Term Loan B2029variable2,135 (17)2,118 2,116 
LNWI Senior Notes:
2029 Unsecured Notes20297.250%500 (3)497 497 
2031 Unsecured Notes20317.500%550 (6)544 544 
2033 Unsecured Notes20336.250%1,000 (14)986 985 
Other——2 — 2 3 
Total long-term debt outstanding$5,182 $(42)$5,140 $5,163 
Less: current portion of long-term debt(58)(53)
Long-term debt, excluding current portion$5,082 $5,110 
Fair value of debt(1)
$5,184 
(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.
LNWI Term Loan B Repricing
On January 22, 2026, we amended the LNWI Credit Agreement and reduced the applicable margin on the LNWI Term Loan B. Following the amendment, the interest rate for the Term Loan B is either (i) the Adjusted Term SOFR Rate (as defined in the LNWI Credit Agreement) plus 2.00% per annum or (ii) a base rate plus 1.00% per annum.
We were in compliance with the financial covenants under all debt agreements as of March 31, 2026 (for information regarding the financial covenants of all our debt agreements, see above and Note 14 in our 2025 10-K).
For additional information regarding the terms of our credit facilities and Senior Notes, see Note 14 in our 2025 10-K.