v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
The Company’s debt is comprised of the following (in thousands):
Interest PayableBalance as of
DescriptionIssuedMaturity
Interest Rate(1)
June 30, 2026December 31, 2025
First Lien Term Loan B due 203010/13/202310/13/2030
Term SOFR +2.00%
Quarterly
$1,754,328 $1,764,249 
First Lien Term Loan B-2 due 2032
3/7/20253/7/2032
Term SOFR +1.75%
Quarterly1,434,725 1,441,989 
First Lien Revolving Credit Facility
3/16/201810/1/2029
Term SOFR +2.00%
Quarterly
— — 
First Lien Term Loan A due 203010/28/202510/28/2030
Term SOFR +1.50%
Quarterly420,313 325,000 
First Lien Notes due 20264/4/20194/15/20265.750%3/15 and 9/15— 75,000 
First Lien Notes due 20278/20/20208/31/20273.375%6/15 and 12/151,000,000 1,000,000 
First Lien Notes due 20297/29/20218/1/20294.125%2/1 and 8/11,000,000 1,000,000 
First Lien Notes due 203310/15/202510/15/20335.875%1/15 and 7/151,000,000 1,000,000 
ADT Notes due 20325/2/20167/15/20324.875%1/15 and 7/15728,016 728,016 
ADT Notes due 20427/5/20127/15/20424.875%1/15 and 7/1521,896 21,896 
2020 Receivables Facility(2)
3/5/20202/20/2031
Various
Monthly416,008 443,058 
Total debt principal, excluding finance leases7,775,286 7,799,208 
Finance lease liabilities(3)
58,411 47,765 
Unamortized debt discount, net
(28,481)(30,579)
Unamortized deferred financing costs
(19,964)(22,949)
Unamortized purchase accounting fair value adjustment and other
(97,665)(103,811)
Total debt7,687,587 7,689,634 
Current maturities of long-term debt, net of unamortized debt discount
(240,524)(310,204)
Long-term debt$7,447,063 $7,379,430 
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(1)    Interest rate as of June 30, 2026. Interest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“SOFR”) +0.95% and Lender Cost of Funds +0.85%.
(2)    Maturity date for the 2020 Receivables Facility represents the final maturity date of current loans borrowed under the facility.
(3)    Refer to Note 13 “Leases” for additional information regarding the Company’s finance leases.
As of June 30, 2026, the Company was in compliance with all financial covenant and other maintenance tests for all of its debt obligations.
First Lien Credit Agreement
The Company’s first lien credit agreement, dated as of July 1, 2015 (together with subsequent amendments and restatements, the “First Lien Credit Agreement”), consists of term loans (the “First Lien Term Loan B due 2030” and the “First Lien Term Loan B-2 due 2032,” together, the “First Lien Term Loan Bs”) and the First Lien Revolving Credit Facility.
First Lien Revolving Credit Facility
During the six months ended June 30, 2026, the Company borrowed and repaid $150 million under the First Lien Revolving Credit Facility. As of June 30, 2026, the available borrowing capacity was $800 million.
During the six months ended June 30, 2025, the Company borrowed and repaid $133 million under the First Lien Revolving Credit Facility.
Term Loan A Credit Agreement
Significant activity since December 31, 2025 is as follows:
•May 2026 - The Company amended and restated its term loan A credit agreement (the “Term Loan A Credit Agreement”), which provided for the issuance of $100 million of incremental borrowings under a first lien term loan A due 2030 (the “Term Loan A due 2030”). These incremental borrowings have the same terms as existing loans under the Term Loan A due 2030. Debt issuance costs were not material. The Company used the net proceeds for general corporate purposes, including share repurchases.
First Lien Notes due 2026
Significant activity since December 31, 2025 is as follows:
•April 2026 - The Company redeemed the remaining outstanding balance of the First Lien Notes due 2026 at maturity for a redemption price of $75 million using cash on hand.
2020 Receivables Facility
Under the 2020 Receivables Facility, the Company obtains financing by selling or contributing certain RICs to the Company’s wholly-owned consolidated bankruptcy-remote special purpose entity (the “SPE”), which then grants a security interest in those RICs as collateral for cash borrowings.
Significant activity since December 31, 2025 is as follows:
•March 2026 - The Company amended the agreement governing the 2020 Receivables Facility to extend the uncommitted revolving period to April 2026.
•April 2026 - The Company amended the agreement governing the 2020 Receivables Facility to extend the uncommitted revolving period to April 2027, and to make certain amendments to advance rates, hedge rates, and other related provisions.
As of June 30, 2026, the Company had an uncommitted available borrowing capacity under the 2020 Receivables Facility of up to $134 million, subject to a borrowing base determined by eligible receivables, the relevant advance rates, and applicable reserves as defined in the agreement.
Variable Interest Entity
The SPE meets the definition of a variable interest entity for which the Company is the primary beneficiary as it has the power to direct the SPE’s activities and the obligation to absorb losses or the right to receive benefits of the SPE. As such, the Company consolidates the SPE’s assets, liabilities, and financial results of operations.
The SPE’s assets and liabilities primarily consist of a portion of the Company’s unbilled RICs, net, as discussed in Note 2 “Revenue and Receivables,” and borrowings under the 2020 Receivables Facility, as presented above.
The impact to the Condensed Consolidated Statements of Operations from the 2020 Receivables Facility was primarily due to the allowance for credit losses and interest expense.