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Debt (Tables)

12 Months Ended

Dec. 31, 2024

At December 31, 2024 and 2023, debt consisted of the following (in millions):


	December 31,
	2024			2023
Senior secured credit facilities, weighted-average interest rate of 6.26% and 7.35%, respectively	$	4,295.0		$	4,755.1
5.5% senior notes due 2027		2,000.0			2,000.0
6.5% senior notes due 2032		750.0			—
Unamortized original issue discount and debt issuance costs	$	(35.4	)		(35.1	)
		7,009.6			6,720.0
Less: current portion of long-term debt		20.0			51.5
Long-term debt	$	6,989.6		$	6,668.5

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, 2024		Maturity	Scheduled Quarterly
	(in millions)		Date	Payments Required
Senior Secured Credit Facilities
Term B-8 Loans	$	3,500.0	May 9, 2031	(1)
Term A-9 Loans		795.0	September 27, 2029 (2)	0.625% (3)
Revolving Credit Facility		—	December 28, 2027	None
5.5% Senior Notes		2,000.0	September 30, 2027	None
6.5% Senior Notes		750.0	June 1, 2032	None

(1)

Per the September 2024 Incremental Joinder, scheduled quarterly payments of 0.25% are required. We have made prepayments on our Term B-8 Loans and do not have any principal quarterly payments due until March 2030.

(2)

The Term A-9 Loans will mature on the earlier to occur of (1) September 27, 2029 or (2) 91 days prior to the maturity of (x) the 5.5% Senior Notes if more than $150.0 million aggregate principal amount remains outstanding on the 91st day prior to such maturity or (y) the Revolving Credit Facility if more than $150.0 million aggregate principal amount of commitments remain outstanding on the 91st day prior to such maturity, whichever of (x) or (y) comes first.

(3)

Scheduled quarterly payment required for the first eight fiscal quarters commencing with the fiscal quarter ending December 31, 2024. The scheduled quarterly payment will increase to 1.250% for each quarter thereafter until the maturity date of the Term A-9 Loans.

Schedule of Debt Instrument Redemption Price Percentage Table

At any time and from time to time, we may, at our option, redeem some or all of the 5.5% 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, 2024		101.375	%
March 30, 2025 and thereafter		100.000	%

At any time prior to June 1, 2027, we may, at our option, redeem some or all of the 6.5% Senior Notes, in whole or in part, at a price equal to 100% of the principal amount of the 6.5% Senior Notes, plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, the date of redemption. On and after June 1, 2027, we may, at our option, redeem some or all of the 6.5% 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:


Year	Price
On or after June 1, 2027		103.250	%
On or after June 1, 2028		101.625	%
June 1, 2029 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, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
Senior secured credit facilities	$	4,268.6	$	4,315.6	$	4,722.7	$	4,774.4
5.5% senior notes due 2027		1,998.1		1,984.2		1,997.3		1,974.0
6.5% senior notes due 2032		742.9		758.0		—		—

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

At December 31, 2024, annual maturities of long-term debt during the next five years and thereafter are as follows (in millions):


Year ending December 31,
2025	$	20.0
2026		25.0
2027		2,040.0
2028		40.0
2029		670.0
Thereafter		4,250.0
Total	$	7,045.0