v3.26.1
Debt Obligations
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS
4. DEBT OBLIGATIONS
The following table summarizes our short-term borrowings and long-term debt:
In millions, except percentagesJune 30, 2026December 31, 2025
AmountWeighted Average Interest RateAmountWeighted Average Interest Rate
Short-Term Borrowings
Current portion of Senior Secured Credit Facility$83 6.16 %$78 6.34 %
Other 1 7.17 %8 2.21 %
Total short-term borrowings$84 $86 
Long-Term Borrowings
Senior Secured Credit Facility:
Term loan facilities $1,160 6.30 %$1,237 6.43 %
Revolving credit facility 235 6.22 %125 6.44 %
Senior Secured Notes:
9.500% Senior Secured Notes due 2029
1,350 1,350 
Discount and deferred financing fees(34)(40)
Total long-term debt$2,711 $2,672 

Senior Secured Credit Facility We are party to a credit agreement which provides for senior secured term loan facilities and a revolving credit facility. The term loan facilities consist of Term A-1 Loans and Term A-2 Loans with a maturity of October 16, 2028, and Term B Loans with a maturity of April 16, 2029. The revolving credit facility matures on October 16, 2028 and includes commitments of $600 million.
As of June 30, 2026, the term loan facilities had an aggregate principal amount of $1,580 million, of which $1,243 million remained outstanding. Borrowing under the revolving credit facility totaled $235 million, with $30 million of outstanding letters of credit. We had $335 million of remaining borrowing capacity under the revolving credit facility.
Borrowings under the credit agreement bear interest at rates based on the Secured Overnight Financing Rate (“SOFR”) or a base rate, plus an applicable margin.
Senior Secured Notes As of June 30, 2026 and December 31, 2025, we had $1,350 million aggregate principal amount of 9.500% senior secured notes due in 2029 (the “Notes”).
In connection with the Mergers, on March 11, 2026, we received the requisite consents from holders of our Notes and entered into a supplemental indenture to amend the defined term “Change of Control” to provide that the Mergers will not constitute a Change of Control and to add or amend certain other defined terms related to the Change of Control put provisions contained in the indenture governing the Notes (collectively, the “CoC Put Waiver”). As a result of the CoC Put Waiver, we are not required to repurchase any portion of the Notes as a result of the consummation of the Mergers. The supplemental indenture became effective immediately upon execution, but the CoC Put Waiver will not become operative until immediately prior to the effective time of the First Merger and will cease to be operative if the First Merger is not consummated or we do not pay the consent fee to the paying agent on behalf of the holders.
Other Debt As of June 30, 2026, we had $1 million debt outstanding under our master loan agreement with Banc of America Leasing & Capital LLC, with a weighted average interest rate of 7.17% and a weighted average term of 0.7 years. As of December 31, 2025, debt outstanding under this agreement was $3 million with a weighted average interest rate of 7.17% and a weighted average term of 1 year.
Fair Value of Debt We utilized Level 2 inputs to measure the fair value of our long-term debt, which, as of June 30, 2026 and December 31, 2025 was $2,981 million and $2,975 million, respectively.
In connection with the Mergers, we are subject to customary interim operating covenants that restrict, subject to certain exceptions, the incurrence of additional indebtedness, including guarantees and other credit support arrangements.