SUBSEQUENT EVENTS |
6 Months Ended |
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Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The following events occurred subsequent to June 30, 2026 through August 14, 2026, the date at which the Company’s Condensed Consolidated Financial Statements were available to be issued. Issuance of Senior Notes On July 14, 2026, the Company closed its previously announced private offering of $600.0 million principal amount of 8.500% Senior Notes. The Notes were issued pursuant to an indenture (the “Indenture”) dated as of July 14, 2026 among the Company, certain of the Company’s domestic wholly-owned subsidiaries as guarantors (the “Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”). The Notes accrue interest at a rate of 8.50% per annum, payable semiannually in arrears on January 31 and July 31 of each year, beginning on January 31, 2027. The Notes will mature on July 31, 2031, unless earlier repurchased or redeemed. Concurrently with, and as a result of, the issuance of the Notes, the Company terminated the Bridge Loan Facility effective July 14, 2026. Prior to its termination, there were no outstanding borrowings under the Bridge Loan Facility, and no early termination penalties were incurred as a result of the cancellation. Refer to “Note 6—Debt” for further information regarding the Bridge Loan Facility. The Company intends to use the net proceeds to fund the cash consideration payable in connection with its previously announced Merger, for general corporate purposes, and to pay fees and expenses related to the offering. If the proposed acquisition of Kiavi is not completed, the net proceeds from this offering will be used for general corporate purposes. Refer to “Note 10—Commitments and Contingencies” for further information on the proposed acquisition of Kiavi. Warehouse Facility 5 In July 2026, the Company amended its agreement with Warehouse Facility 5 to extend the maturity date to October 2026. No other terms of the agreement were amended.
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