
(in thousands)	June 30, 2026		December 31, 2025
Credit Facility	$	—	$	—

Senior Notes
8.00% Senior Notes due 2027	—		550,000
5.875% Senior Notes due 2029	700,000		700,000
9.875% Senior Notes due 2031	325,000		325,000
7.00% Senior Notes due 2032	1,000,000		1,000,000
6.25% Senior Notes due 2033	1,000,000		1,000,000
Unamortized debt issuance costs on Senior Notes	(22,906)		(24,405)
Unamortized debt (discount)/premium	(9,044)		(4,997)
Senior Notes, net	2,993,050		3,545,598

Total long-term debt, net	$	2,993,050	$	3,545,598

On April 30, 2026, OpCo entered into a new credit agreement with a syndicate of banks that provides for a $3.0 billion senior unsecured revolving credit facility maturing on April 30, 2031 (the “Credit Agreement”). The Credit Agreement replaced the Company’s existing secured revolving credit facility, which was terminated without penalty in connection with entering into the Credit Agreement. As of June 30, 2026, the Company had no borrowings outstanding and $3.0 billion in available borrowing capacity under the Credit Agreement.

The Credit Agreement provides for aggregate commitments of $3.0 billion, with an option for the Company to request increases in the aggregate commitments to an amount not to exceed $4.0 billion, subject to certain terms and conditions, and includes a swingline subfacility and a letter of credit subfacility. The Credit Agreement includes an option to extend the term for successive one-year periods, subject to, among certain other terms and conditions, the consent of the lenders holding greater than 50% of the commitments then outstanding under the Credit Agreement.

Borrowings under the Credit Agreement bear interest, at the Company’s election, based on either SOFR plus an applicable margin or the Alternate Base Rate plus an applicable margin (such terms used herein as defined in the Credit Agreement). The applicable margins for SOFR and Alternate Base Rate borrowings, as well as commitment fees for undrawn commitments, are based on the Company’s credit rating for its long-term senior unsecured indebtedness. As of June 30, 2026, the applicable margin for SOFR and Alternate Base Rate borrowings was 150 basis points and 50 basis points, respectively, and the commitment fee was 20 basis points.

The Credit Agreement contains representations, warranties, covenants and events of default that the Company believes are customary for investment grade, senior unsecured commercial bank credit agreements, including a financial covenant requiring the maintenance of a ratio of Total Indebtedness to Capitalization (as defined in the Credit Agreement) of no greater than 65%, which is determined as of the last day of each fiscal quarter. OpCo was in compliance with the covenants and the applicable financial ratio described above as of June 30, 2026.

The table below summarizes the interest rates, interest payment dates, principal amounts outstanding and the maturity dates related to OpCo’s outstanding senior unsecured note obligations as of June 30, 2026.

Interest Rate

Interest Payment Dates

Principal Amount

Maturity Date

5.875% Senior Notes due 2029

5.875%

January 1, July 1

700,000

July 1, 2029

9.875% Senior Notes due 2031

9.875%

January 15, July 15

325,000

July 15, 2031

7.00% Senior Notes due 2032

7.00%

January 15, July 15

1,000,000

January 15, 2032

6.25% Senior Notes due 2033

6.25%

February 1, August 1

1,000,000

February 1, 2033

The 5.875% senior notes due 2029, 9.875% senior notes due 2031, 7.00% senior notes due 2032 and 6.25% senior notes due 2033 (collectively, the “Senior Unsecured Notes”) are unsecured senior obligations. OpCo may redeem some or all of its Senior

Unsecured Notes prior to their maturity at redemption prices that may include a premium, plus accrued and unpaid interest as described in the indentures governing the Senior Unsecured Notes. The Senior Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of OpCo’s current subsidiaries that guarantee borrowings under OpCo’s Credit Agreement.

If OpCo experiences certain defined changes of control accompanied by a ratings decline, each holder of the Senior Unsecured Notes may require OpCo to repurchase all or a portion of its Senior Unsecured Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Unsecured Notes, plus any accrued but unpaid interest to the date of repurchase.

The indentures governing the Senior Unsecured Notes contain covenants that, among other things and subject to certain exceptions and qualifications, limit OpCo’s ability and the ability of OpCo’s restricted subsidiaries to create certain liens. If the Company ceases to have an investment grade credit rating from either Standard & Poor’s Financial Services LLC or Moody’s Ratings, certain restrictive covenants, including restrictions on the payment of dividends or the redemption or repurchase of capital stock or subordinated indebtedness, affiliate transactions, asset sales and the incurrence of additional indebtedness, will be reinstated in accordance with the terms and conditions of the indenture governing the 5.875% senior notes. OpCo was in compliance with any remaining covenants as of June 30, 2026.

On April 15, 2026, the Company redeemed all of the outstanding 8.00% senior notes due 2027 (the “2027 Senior Notes”) at a redemption price equal to 100% of the aggregate principal amount outstanding of $550.0 million plus accrued and unpaid interest up to, but excluding, the redemption date. In connection with this redemption, the Company recognized a $5.3 million gain on extinguishment of debt, reflecting the difference between the redemption price and the carrying value of the 2027 Senior Notes, which included the associated unamortized debt premium.