

	March 31,		December 31,
	2026		2025		Interest Rate	Maturity

	(in millions)

Revolving Credit Facility	$	25	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a)	March 16, 2029


2029 Senior Notes	550		900		8.250%	June 15, 2029
2034 Senior Notes	750		400		7.000%	January 15, 2034
Principal amount	1,325		$	1,300
Unamortized debt discount and issuance costs	(18)		(19)
Unamortized premium	3		2


Long-term debt, net	$	1,310	$	1,283

(a)Refer to Note 15 Subsequent Events for more information on a recent amendment to the Revolving Credit Facility that reduced our interest rate pricing by 25 basis points and an additional 10 basis point incremental savings through the elimination of the SOFR credit spread adjustment.

Our Amended and Restated Credit Agreement, dated April 26, 2023 (Revolving Credit Facility), consists of a senior revolving loan facility with an aggregate commitment of $1.46 billion. The amount we are able to borrow under our Revolving Credit Facility is limited to the amount of these commitments. Our Revolving Credit Facility also includes a sub-limit of $300 million for the issuance of letters of credit. As of March 31, 2026, $184 million letters of credit were issued to support ordinary course marketing, insurance, regulatory and other matters. As of March 31, 2026, we had $1,251 million of availability on our Revolving Credit Facility after taking into account $184 million in letters of credit outstanding and a $25 million borrowing. Our borrowing base of $1.5 billion is redetermined semi-annually and was re-affirmed in April 2026 as part of our recent amendment. See Note 15 Subsequent Events for more information on a recent amendment to our Revolving Credit Facility.

As shown in the table below, we estimate the fair value of our fixed rate 2029 Senior Notes and 2034 Senior Notes based on known prices from market transactions (using Level 1 inputs on the fair value hierarchy).

On October 8, 2025 we completed a private offering of $400 million in an aggregate principal amount of 7.000% senior notes due 2034 (2034 Senior Notes). The terms of the 2034 Senior Notes are governed by the Indenture, dated as of October 8, 2025, by and among us, the guarantors and Wilmington Trust, National Association, as trustee, as amended and supplemented by the First Supplemental Indenture, dated as of January 16, 2026 (2034 Senior Notes Indenture).

On March 23, 2026, we completed a follow-on offering of an additional $350 million in aggregate principal of 2034 Senior Notes. The net proceeds from this offering of $347 million, after $2 million of debt premium and $5 million of debt issuance costs, were used to redeem a portion of our 8.250% senior unsecured notes due 2029 (2029 Senior Notes). The 2034 Senior Notes issued on March 23, 2026 are governed under the 2034 Senior Notes Indenture.

In March 2026, we redeemed $350 million in face value of our 2029 Senior Notes for $367 million, resulting in a loss on extinguishment of debt in the amount of $21 million, which includes a $17 million premium paid and $4 million write-off of unamortized debt issuance costs. Following the redemption, $550 million in principal amount of the 2029 Senior Notes remained outstanding.