XML 62 R42.htm IDEA: XBRL DOCUMENT v3.25.4
Notes and Other Debt, Net (Tables)
12 Months Ended
Dec. 31, 2025
Long-Term Debt, Unclassified [Abstract]  
Schedule of Notes and Other Debt
Notes and other debt were as follows:
December 31, 2025December 31, 2024
(Millions)Principal
Unamortized
Premium
(Discount)
and Deferred
Financing
Costs
Principal
Unamortized
Premium
(Discount)
and Deferred
Financing
Costs
Credit Agreements:
Uniti senior secured revolving credit facility - variable
   rate, due December 30, 2027
$— $(2.9)$— $(4.3)
Windstream senior secured revolving credit facility -
   variable rate, due December 30, 2027
315.0 — — — 
Senior secured Windstream term loan - variable rate, due
   October 1, 2031 (premium based on imputed interest
   rate of 9.15%)
500.0 1.2 — — 
Senior secured 2025 term loan - variable rate,
   due October 6, 2032 (discount based on imputed
   interest rate of 8.57%)
1,000.0 (23.6)— — 
Notes:
Senior secured notes - 10.50%, due February 15, 2028
   (discount based on imputed interest rate of 10.99%)
— — 2,900.0 (37.5)
Senior secured notes - 4.75%, due April 15, 2028
   (discount based on imputed interest rate of 5.04%)
570.0 (3.6)570.0 (5.0)
Senior secured notes - 8.25%, due October 1, 2031
   (premium based on imputed interest rate of 7.29%)
2,200.0 99.3 — — 
Senior secured notes - 7.50%, due October 15, 2033
   (discount based on imputed interest rate of 7.72%)
1,400.0 (17.8)— — 
Senior unsecured notes - 6.50%, due February 15, 2029
   (discount based on imputed interest rate of 6.83%)
1,110.0 (10.3)1,110.0 (13.1)
Senior unsecured notes - 6.00%, due January 15, 2030
   (discount based on imputed interest rate of 6.27%)
700.0 (6.6)700.0 (8.0)
Senior unsecured notes - 8.625%, due June 15, 2032
   (discount based on imputed interest rate of 9.16%)
600.0 (15.6)— — 
Convertible senior notes - 7.50%, due December 1, 2027
   (discount based on imputed interest rate of 8.29%)
306.5 (4.3)306.5 (6.3)
ABS Notes and Bridge Loan Facility:
ABS Bridge Loan Facility - variable rate, due
   September 1, 2025 (discount based on imputed
   interest rate of 10.33%)
— — 275.0 (3.7)
Series 2025-1:
ABS Notes (Class A-2) - 5.877%, due April 1, 2030
   (discount based on imputed interest rate of 6.36%)
426.0 (7.6)— — 
ABS Notes (Class B) - 6.369%, due April 1, 2030
   (discount based on imputed interest rate of 6.86%)
65.0 (1.2)— — 
ABS Notes (Class C) - 9.018%, due April 1, 2030
   (discount based on imputed interest rate of 9.54%)
98.0 (1.8)— — 
Series 2025-2:
ABS-2 Notes (Class A-2) - 5.177%, due January 20, 2031
   (discount based on imputed interest rate of 5.76%)
180.0 (4.5)— — 
ABS-2 Notes (Class B) - 5.621%, due January 20, 2031
   (discount based on imputed interest rate of 6.21%)
28.2 (0.7)— — 
ABS-2 Notes (Class C) - 7.834%, due January 20, 2031
   (discount based on imputed interest rate of 8.45%)
41.8 (1.1)— — 
Total$9,540.5 $(1.1)$5,861.5 $(77.9)
Notes and other debt, net were as follows:

(Millions)December 31,
2025
December 31,
2024
Total principal amount$9,540.5 $5,861.5 
Unamortized premium (discount) and deferred financing costs(1.1)(77.9)
Less current portion of notes and other debt(10.0)— 
Notes and other debt, net$9,529.4 $5,783.6 
Schedule of Interest Expense, Net
Interest expense, net was as follows for the years ended December 31:

(Millions)202520242023
Senior secured notes$381.5 $321.1 $296.3 
Senior unsecured notes164.0 139.4 142.2 
Senior secured revolving credit facility - variable rate10.8 7.2 14.1 
ABS Notes and Bridge Loan Facility39.4 18.9 — 
Interest rate cap0.7 1.5 — 
Interest rate swaps(2.3)— — 
Amortization of deferred financing costs and debt premium/discount14.3 22.7 18.5 
Accretion of settlement payable1.7 6.2 10.5 
Capitalized interest(9.7)(2.8)(1.3)
Other2.4 (2.8)0.9 
Total interest expense, net$602.8 $511.4 $481.2