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Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Disclosure
The Company’s debt as of September 30, 2023 and December 31, 2022 consists of the following:
(In thousands)September 30, 2023December 31, 2022
Senior secured term loan facility due 20292,243,499 2,495,000 
Senior secured notes due 20291,600,000 1,600,000 
Senior unsecured notes due 2030895,000 895,000 
Senior unsecured notes due 2029400,000 400,000 
Senior unsecured notes due 2028400,000 400,000 
Bridge credit facility due 2023— 135,000 
Revolving facility due 2027— — 
Total debt (par value)5,538,499 5,925,000 
Unamortized discount and debt issuance costs113,003 140,107 
Total debt, net$5,425,496 $5,784,893 
Less short-term debt, including current portion of long-term debt— 151,965 
Total long-term debt, net$5,425,496 $5,632,928 
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of September 30, 2023 are as follows:
(In thousands)Remaining 20232024202520262027ThereafterTotal
Contractual debt obligation maturities(1)
$— — — — — 5,425,496 5,425,496 
(1) Subject to Excess Cash Flow payments to the lenders.
On March 10, 2023 and September 11, 2023, the Company and certain of its subsidiaries entered into Amendment No. 1 (the “First Amendment”) and Amendment No. 2 (the “Second Amendment”), respectively, with the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which amended the Credit and Guaranty Agreement, dated as of November 6, 2018 (as amended and restated as of July 6, 2022 and as further amended, restated, amended and restated, supplemented, modified and otherwise in effect prior to the effectiveness of the First Amendment and the Second Amendment, the “Existing Credit Agreement” and, the Existing Credit Agreement as amended by the First Amendment and the Second Amendment, the “Amended Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, as guarantors, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent.
The First Amendment provides for, among other things, the refinancing of the Company’s outstanding term B loans under the Existing Credit Agreement in an aggregate principal amount of $2.495 billion (the “Original Tranche B Term Loans”) with a new tranche of term B loans under the Amended Credit Agreement in an aggregate principal amount of $2.495 billion (the “New Tranche B Term Loans”). The New Tranche B Term Loans will bear interest under the Amended Credit Agreement at a rate per annum equal to, at the Company’s option, either (i) Term SOFR plus an applicable margin of 2.75% or (ii) a base rate plus an applicable margin of 1.75%. Consistent with the Original Tranche B Term Loans, the new Tranche B Term Loans will mature on July 6, 2029. Other than as described herein (and more fully described in the Amendment), the terms of the Amended Credit Agreement are substantially similar to the terms of the Existing Credit Agreement.

The Second Amendment provides for, among other things, the reduction of the applicable rate of the Company’s outstanding term B loans under the Existing Credit Agreement (as amended by the First Amendment). After giving effect to the Second Amendment, such outstanding term B loans will bear interest, at a rate per annum equal to, at the Company’s option, either (i) Term SOFR plus an applicable margin of 2.50% or (ii) a base rate plus an applicable margin of 1.50%. Other than as described herein (and more fully described in the Second Amendment), the terms of the Amended Credit Agreement are substantially similar to the terms of the Existing Credit Agreement.

Additionally, as of September 30, 2023, during the fiscal year 2023, the Company has repaid $251.5 million of the outstanding borrowings under the Amended Credit Agreement. In connection with this repayment and entry into the First Amendment and the Second Amendment, the Company incurred a pre-tax loss on extinguishment and modification of debt of $4.5 million and
$12.1 million for the three and nine months ended September 30, 2023, which is included in Other expense, net on the condensed consolidated statements of operations.

On April 20, 2023, the Company repaid the principal amount of the $135.0 million bridge credit facility. In connection with the repayment of this debt, the Company incurred a pre-tax loss on extinguishment of debt of $0.7 million for the three and nine months ended September 30, 2023, which is included in Other expense, net on the condensed consolidated statements of operations.