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Debt (Tables)

12 Months Ended

Dec. 31, 2023

At December 31, 2023 and 2022, debt consisted of the following (in millions):


	December 31,			December 31,
	2023			2022
Senior secured credit facilities, weighted-average interest rate of 7.35% and 6.27%, respectively	$	4,755.1		$	5,129.1
5.5% senior notes due 2027		2,000.0			2,000.0
Other indebtedness		—			0.8
Unamortized original issue discount and debt issuance costs		(35.1	)		(50.3	)
		6,720.0			7,079.6
Less: current portion of long-term debt		51.5			55.7
Long-term debt	$	6,668.5		$	7,023.9

Schedule of Senior Secured Credit Facilities and Senior Notes

The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes:


	Amount Outstanding at December 31, 2023		Maturity	Scheduled Quarterly	Interest
	(in millions)		Date	Payments Required	Rate
Senior Secured Credit Facilities
Term Loan B-3	$	997.2	April 16, 2025	0.25%	Variable rate (1)
Term Loan B-4		941.6	April 16, 2025	0.25%	Variable rate (1)
Term Loan B-5		1,586.4	April 16, 2025	0.25%	Variable rate (1)
Term Loan B-6		458.5	March 22, 2029	0.25%	Variable rate (2)
Term Loan B-7		771.5	March 22, 2029	0.25%	Variable rate (2)
Revolving Credit Facility		—	December 28, 2027	None	Variable rate (3)
Senior Notes		2,000.0	September 30, 2027	None	Fixed at 5.5%

(1)

In January 2020, we entered into a pricing amendment, whereby the interest rate margin applicable to the term loans was reduced from LIBOR plus 2.25% to LIBOR plus 1.75%. In June 2023, we entered into an amendment, whereby the interest rate provisions were amended to, at our option, either (a) the Base Rate, plus 0.75% per annum or the (b) Adjusted Term SOFR, plus 1.75% per annum.

(2)

Bears interest at, at our option, either (a) the Base Rate, plus 1.25% per annum or the (b) Adjusted Term SOFR, plus 2.25% per annum.

(3)

Bears interest at, at our option, the Base Rate per annum or the Term SOFR. Loans based on the Base Rate bear interest at a rate between the Base Rate plus 0.25% or 0.50%, depending on our consolidated secured net leverage ratio. Loans based on Term SOFR bear interest at a rate between Term SOFR plus 1.25% and Term SOFR plus 1.50%, depending on our consolidated secured net leverage ratio.

Schedule of Debt Instrument Redemption Price Percentage Table

At any time on or after March 30, 2022, we may redeem some or all of the Senior Notes, in whole or in part, at the redemption prices set forth in the following table, expressed as a percentage of the principal amount, plus accrued and unpaid interest to the redemption date:


Redemption Date	Price
On or after March 30, 2023		102.750	%
On or after March 30, 2024		101.375	%
March 30, 2025 and thereafter		100.000	%

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of financial instruments are as follows (in millions):


	December 31, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
Senior secured credit facilities	$	4,722.7	$	4,774.4	$	5,082.2	$	5,069.0
5.5% senior notes due 2027		1,997.3		1,974.0		1,996.6		1,880.9
Other indebtedness		—		—		0.8		0.8

Schedule of Annual Maturities of Long-Term Debt During Next Five Years and Thereafter

At December 31, 2023, annual maturities of long-term debt during the next five years and thereafter are as follows (in millions):


Year ending December 31,
2024	$	51.5
2025		3,498.7
2026		12.5
2027		2,012.5
2028		12.5
Thereafter		1,167.4
Total	$	6,755.1