Senior Secured Notes, Net |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Receivables [Abstract] | |
| Senior Secured Notes, Net | Note 9 – Senior Secured Notes, Net In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after deducting initial purchasers' discounts and commissions. The 2029 Notes had a maturity of June 15, 2029, unless repurchased or redeemed at an earlier date. The 2029 Notes were secured by a first-priority lien, and rank pari-passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the 2030 Term Loan. The 2029 Notes were issued at par and contained covenants relating to liens, indebtedness, and investments in non-wholly owned entities. On the Closing Date, in connection with the closing of the Asset Sale and in accordance with the Indenture, dated as of June 29, 2021 (as supplemented, amended or otherwise modified to the date hereof, the "Indenture"), among the Company, the Guarantors (as defined in the Indenture), and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as Trustee and Notes Collateral Agent (the "Trustee"), the Trustee delivered a notice of redemption to the holders of the 2029 Notes, stating that the we would redeem in full the $500.0 million in aggregate principal on June 15, 2026 (the "Redemption Date"), plus accrued and unpaid interest in accordance with the Indenture. On the Closing Date, in connection with the closing of the Asset Sale, the Company caused sufficient funds to fund the redemption of the outstanding 2029 Notes on the Redemption Date to be irrevocably deposited with the Trustee. After the deposit of funds, the Indenture was satisfied and discharged in accordance with its terms. As a result of the satisfaction and discharge of the Indenture, we were released from our obligations under the Indenture, except for those provisions of the Indenture that, by their terms, survive the satisfaction and discharge of the Indenture. We recognized a loss of $3.5 million recorded within loss on extinguishment of debt on our condensed consolidated statement of operations due to the write-off of unamortized deferred financing costs relating to the 2029 Notes during the three months ended June 30, 2026. As of December 31, 2025, the 2029 Notes had a carrying value of $497.2 million, net of deferred financing costs of $2.8 million. The 2029 Notes included certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of December 31, 2025, we were in compliance with all covenants. As we repaid the 2029 Notes during the three months ended June 30, 2026, compliance with these covenants is no longer required. |