CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Summary of the carrying value of corporate borrowings and capital and financing lease liabilities |
| | | | | | | (In millions) | | September 30, 2026 | | December 31, 2025 | Secured Debt: | | | | | | | Credit Agreement-Term Loans due 2029 (9.891% as of September 30, 2026 and 10.731% as of December 31, 2025) | | $ | 1,979.2 | | $ | 1,994.2 | Odeon Credit Agreement-10.5% Term Loans due 2031 | | | 423.9 | | | — | Senior Secured Notes due 2029 (9.0% cash interest & 6.0% PIK interest as of September 30, 2026 and December 31, 2025) | | | 903.4 | | | 877.1 | 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | | | 116.1 | | | 111.6 | 7.5% First Lien Notes due 2029 | | | 360.0 | | | 360.0 | Retired Debt: | | | | | | | 6.125% Senior Subordinated Notes due 2027 | | | — | | | 125.5 | 12.75% Odeon Senior Secured Notes due 2027 | | | — | | | 400.0 | Senior Secured Exchangeable Notes due 2030 (1.5% cash interest) | | | — | | | 155.8 | Total principal amount of corporate borrowings | | $ | 3,782.6 | | $ | 4,024.2 | Finance lease liabilities | | | 50.7 | | | 52.5 | Accrued paid-in-kind interest | | | 18.7 | | | 2.7 | Deferred financing costs | | | (70.3) | | | (64.4) | Net discount (1) | | | (5.3) | | | (68.5) | Bifurcated embedded derivative – Senior Secured Exchangeable Notes due 2030 | | | — | | | 131.9 | Bifurcated embedded derivative – 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | | | 21.7 | | | 12.6 | Total carrying value of corporate borrowings and finance lease liabilities | | $ | 3,798.1 | | $ | 4,091.0 | Less: | | | | | | | Current maturities of corporate borrowings | | | (24.0) | | | (19.9) | Current maturities of finance lease liabilities | | | (7.5) | | | (5.8) | Total noncurrent carrying value of corporate borrowings and finance lease liabilities | | $ | 3,766.6 | | $ | 4,065.3 |
| (1) | The following table provides details of the net discount of corporate borrowings: | |
|
| Summary of net discount of corporate borrowings |
| | | | | | | | | September 30, | | December 31, | (In millions) | | 2026 | | 2025 | 12.75% Odeon Senior Secured Notes due 2027 | | $ | — | | $ | (14.6) | Odeon Credit Agreement-10.5% Term Loans due 2031 | | | (7.9) | | | — | Senior Secured Notes due 2029 | | | 51.4 | | | 62.5 | Senior Secured Exchangeable Notes due 2030 | | | — | | | (57.4) | Credit Agreement-Term Loans due 2029 | | | (24.5) | | | (32.6) | 6.00%/8.00% Cash/PIK/Toggle Senior Secured Exchangeable Notes due 2030 | | | (24.3) | | | (26.4) | Net discount | | $ | (5.3) | | $ | (68.5) |
|
| Schedule of principal payments required and maturities of corporate borrowings |
The following table provides the principal payments required and maturities of corporate borrowing as of September 30, 2026: | | | | | | Principal | | | Amount of | | | Corporate | (In millions) | | Borrowings (1) | Three months ended December 31, 2026 | | $ | 5.9 | 2027 | | | 23.9 | 2028 | | | 23.7 | 2029 | | | 3,202.8 | 2030 | | | 120.4 | 2031 | | | 405.9 | Total | | $ | 3,782.6 |
|
| Schedule of debt repurchases and exchanges |
The table below summarizes the various cash debt repurchase transactions during the nine months ended September 30, 2025. | | | | | | | | | | | | | | | Aggregate Principal | | Reacquisition | | (Gain)/Loss on | | Accrued Interest | (In millions) | | Repurchased | | Cost | | Extinguishment | | Paid | 5.75% Senior Subordinated Notes due 2025 | | $ | 1.3 | | $ | 1.3 | | $ | — | | $ | — |
|
| 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 |
|
| Summary of debt validly tendered and accepted |
| | | | | | | | | | | | Carrying Value | | | | Carrying Value | | | as of | | (Increase) Decrease to | | as of | (In millions) | | December 31, 2025 | | Net Earnings (Loss) | | September 30, 2026 | Principal balance | | $ | 111.6 | | $ | 4.5 | | $ | 116.1 | Discount | | | (26.4) | | | 2.1 | | | (24.3) | Debt issuance costs | | | (5.2) | | | 0.4 | | | (4.8) | Accrued paid-in-kind interest | | | 0.4 | | | 2.3 | | | 2.7 | Bifurcated embedded derivative | | | 12.6 | | | 9.1 | | | 21.7 | Carrying value | | $ | 93.0 | | $ | 18.4 | | $ | 111.4 |
|
| Schedule of extinguishment of debt |
| | | | (In millions) | | Amount | Fair value of New Exchangeable Notes | | $ | 159.0 | Fair value of bifurcated embedded derivatives New Exchangeable Notes | | | 41.7 | Fair value of Common Stock issued | | | 225.0 | Total consideration | | | 425.7 | | | | | Principal Existing Exchangeable Notes | | | 337.4 | Discount Existing Exchangeable Notes | | | (86.5) | Debt issuance costs Existing Exchangeable Notes | | | (17.1) | Gain on cash paid for PIK interest | | | 0.3 | Bifurcated embedded derivatives Existing Exchangeable Notes | | | 88.3 | Carrying value Existing Exchangeable Notes | | | 322.4 | | | | | Loss on extinguishment of Existing Exchangeable Notes | | $ | 103.3 |
|
| First Lien Notes due 2029 |
|
| Schedule of extinguishment of debt |
The exchanges of the Existing 7.5% Notes for New 2029 Notes were accounted for as extinguishments and resulted in a loss on extinguishment as follows: | | | | (In millions) | | Amount | Fair value of New 2029 Notes (1) | | $ | 925.4 | Gross proceeds | | | (244.4) | Cash fee paid to Existing 7.5% Notes lenders | | | 2.4 | Total consideration | | | 683.4 | | | | | Principal Existing 7.5% Notes | | | 590.0 | Debt issuance costs Existing 7.5% Notes | | | (5.6) | Carrying value Existing 7.5% Notes | | | 584.4 | | | | | Loss on extinguishment of Existing 7.5% Notes | | $ | 99.0 |
| (1) | Fair value of the New 2029 Notes was estimated on July 24, 2025 using observed prices for transactions of the New 2029 Notes shortly after issuance. The market for the New 2029 Notes is considered an inactive market and the observed prices are considered a Level 2 input in the fair value hierarchy. |
|
| Senior Secured Exchangeable Notes due 2030 |
|
| Summary of debt validly tendered and accepted |
| | | | | | | | | | | | | | | | | | | | | Carrying Value | | | | Deferred | | Consent Fee | | Notes | | Carrying Value | | | as of | | (Increase) Decrease to | | Charges | | Paid With | | Exchanged For | | as of | (In millions) | | December 31, 2025 | | Net Earnings (Loss) | | Activity | | Common Stock | | Common Stock | | September 30, 2026 | Principal balance | | $ | 155.8 | | $ | — | | $ | — | | $ | — | | $ | (155.8) | | $ | — | Discount | | | (57.4) | | | 3.4 | | | — | | | — | | | 54.0 | | | — | Debt issuance costs | | | (14.8) | | | 0.8 | | | 1.6 | | | — | | | 12.4 | | | — | Bifurcated embedded derivative | | | 131.9 | | | (11.1) | | | (1.6) | | | (15.7) | | | (103.5) | | | — | Carrying value | | $ | 215.5 | | $ | (6.9) | | $ | — | | $ | (15.7) | | $ | (192.9) | | $ | — |
|