| Schedule of Debt Outstanding |
The Company had the following debt outstanding as of December 31, 2025, December 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate as of | Principal amount as of | | Maturity Date | December 31, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2025 | December 31, 2024 | December 31, 2023 | | | | | | (in thousands) | | Senior Secured Term Loan | July 2028 | 5.672 | % | 6.329 | % | 7.860 | % | $ | 916,688 | | $ | 946,450 | | $ | 3,251,213 | | | Senior Secured Notes (the “2026 Notes”) | July 2026 | 2.875 | % | 2.875 | % | 2.875 | % | 500,000 | | 500,000 | | 500,000 | | | Senior Secured Revolving Loan | | — | | — | | 6.720 | % | — | | — | | 55,000 | | | Senior Secured Notes (the “2027 Notes”)* | May 2027 | 5.809 | % | 5.809 | % | — | | 750,000 | | 750,000 | | — | | | Senior Secured Notes (the “2029 Notes”)* | May 2029 | 5.849 | % | 5.849 | % | — | | 750,000 | | 750,000 | | — | | | Senior Secured Notes (the “2034 Notes”)* | May 2034 | 6.000 | % | 6.000 | % | — | | 500,000 | | 500,000 | | — | | | Total debt | | | | | 3,416,688 | | 3,446,450 | | 3,806,213 | | | Less current portion of debt | | | | | (529,762) | | (29,762) | | (110,150) | | | Total long-term debt | | | | | 2,886,926 | | 3,416,688 | | 3,696,063 | | Less debt issuance costs and debt discount | | | | | (14,310) | | (20,290) | | (30,624) | | | Total long-term debt, net | | | | | $ | 2,872,616 | | $ | 3,396,398 | | $ | 3,665,439 | |
*Issued May 8, 2024 During the year ended December 31, 2025, the Company drew down $50.0 million, (December 31, 2024: $318.0 million; December 31, 2023: $370.0 million) of the senior secured revolving loan facility and repaid $50.0 million (December 31, 2024: $373.0 million; December 31, 2023: $315.0 million) as shown below.
As at December 31, 2025, $nil (December 31, 2024: $nil; December 31, 2023: $55.0 million), was drawn under the senior secured revolving loan facility. | | | | | | | | | | | | | Drawdown | Repayment | Closing Balance | | (in thousands) | | Quarter 1, 2023 | $ | 180,000 | | $ | (100,000) | | $ | 80,000 | | | Quarter 2, 2023 | 50,000 | | (80,000) | | 50,000 | | | Quarter 3, 2023 | 75,000 | | (50,000) | | 75,000 | | | Quarter 4, 2023 | 65,000 | | (85,000) | | 55,000 | | | Total drawdown / (repayments) in 2023 | 370,000 | | (315,000) | | | | | | | | Quarter 1, 2024 | 50,000 | | (55,000) | | 50,000 | | | Quarter 2, 2024 | 143,000 | | (193,000) | | — | | | Quarter 3, 2024 | 50,000 | | (50,000) | | — | | | Quarter 4, 2024 | 75,000 | | (75,000) | | — | | | Total drawdown / (repayments) in 2024 | 318,000 | | (373,000) | | | | Quarter 1, 2025 | 50,000 | | (50,000) | | — | | | Quarter 2, 2025 | — | | — | | — | | | Quarter 3, 2025 | — | | — | | — | | | Quarter 4, 2025 | — | | — | | — | | | Total drawdown / (repayments) in 2025 | $ | 50,000 | | $ | (50,000) | | |
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| Schedule of Principal Repayments |
Principal repayments on the senior secured term loan, comprising mandatory and voluntary repayments, during the years ended December 31, 2025, December 31, 2024 and December 31, 2023 were as follows: | | | | | | | | | | | | | Principal repayments | December 31, 2025 | December 31, 2024 | December 31, 2023 | | (in thousands) | | Quarter 1 | $ | (7,440) | | $ | (275,000) | | $ | (250,000) | | | Quarter 2 | (7,441) | | (2,014,882) | | (150,000) | | | Quarter 3 | (7,440) | | (7,441) | | (300,000) | | | Quarter 4 | (7,441) | | (7,440) | | (250,000) | | | Total repayments | $ | (29,762) | | $ | (2,304,763) | | $ | (950,000) | |
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