Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

21. Debt

	Interest Rate1		December 31, 2024		December 31, 2023
Short-term debt	7.07	%	$	27.7	$	13.7
Long-term debt:
Term loans (maturing September 2026):
Term Loan A Facility loan denominated in Canadian dollars, secured	5.85	%	72.5		83.1
Term Loan A Facility loan denominated in US dollars, secured	6.92	%	1,225.0		1,675.0
Less: unamortized debt issuance costs			(7.0)		(15.0)
Senior secured and unsecured notes:
Senior secured notes due in March 2028	6.75	%	550.0		550.0
Less: unamortized debt issuance costs			(5.2)		(6.8)
Senior unsecured notes due in March 2031	7.75	%	800.0		800.0
Less: unamortized debt issuance costs			(9.1)		(10.5)
Total long-term debt			2,626.2		3,075.8
Less: current portion of long-term debt			4.1		14.2
Long-term debt			$	2,622.1	$	3,061.6

1 Interest rates on short-term debt and term loans reflect the weighted-average interest rates on borrowings as of December 31, 2024.

At December 31, 2024, the Company had unused committed revolving credit facilities aggregating $705.9 million that are available until September 2026 subject to certain covenant restrictions, and unused uncommitted revolving credit facilities aggregating $15.0 million with no maturity date. The Company was in compliance with all financial and other covenants applicable to the credit facilities at December 31, 2024.

Term Loans

In 2016, the Company entered into a credit agreement with a syndicate of lenders (as amended and restated, supplemented or

otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement is comprised of multicurrency revolving

facilities (the “Revolving Facilities”) and the Term Loan A facility (the “TLA Facility”). The TLA Facility is comprised of a facility

denominated in U.S. dollars (the “USD TLA Facility”) and a facility denominated in Canadian dollars (the “CAD TLA Facility”). TLA Facility borrowings bear interest at a benchmark rate plus an applicable margin. The Credit Agreement matures on September 21, 2026.

On March 20, 2023, with the closing of the acquisition of IAA, the USD TLA Facility was funded for $1.8 billion and the existing

delayed-draw term facility of CAD $115.9 million was refinanced and converted to the CAD TLA Facility. The TLA Facility loans

are subject to quarterly installments of 1.25% of principal, with the balance payable at maturity. During the year ended

December 31, 2024, the Company repaid $450.0 million of principal on the USD TLA Facility (2023: $150.0 million). As of December 31, 2024, there are no mandatory principal repayments remaining on the USD TLA Facility until maturity of the debt.

Senior Secured and Unsecured Notes

On March 15, 2023, the Company completed the offering of (i) $550.0 million aggregate principal amount of 6.75% senior secured notes due March 15, 2028 (the “Secured Notes”) and (ii) $800.0 million aggregate principal amount of 7.75% senior unsecured notes due March 15, 2031 (the “Unsecured Notes”, and together with the Secured Notes, the “Notes”). The gross proceeds of the Notes were used, along with the TLA Facility, to fund the acquisition of IAA. Interest on the Notes is payable in cash semi-annually in

arrears on March 15 and September 15 of each year, and began on September 15, 2023. The Secured Notes are jointly and severally

guaranteed on a senior secured basis and the Unsecured Notes are jointly and severally guaranteed on a senior unsecured basis by

certain of the Company’s subsidiaries.

At December 31, 2024, principal repayments for the remaining period to the contractual maturity for our long term debt are as follows:

2025	$	4.1
2026	1,293.4
2027	—
2028	550.0
2029	—
Thereafter	800.0
	$	2,647.5