Note 4 - Long-term Debt

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Debt Disclosure [Text Block]

4. Long-term Debt

As of March 31, 2026 and December 31, 2025, long-term debt consisted of obligations under our 2019 Senior Credit Facility (as defined below), our 5.875% senior notes due 2026 (the “2026 Notes”), our 7.0% senior notes due 2027 (the “2027 Notes”), our 10.5% senior secured first lien notes due 2029 (the “2029 1L Notes”), our 4.75% senior notes due 2030 (the “2030 Notes”), our 5.375% senior notes due 2031 (the “2031 Notes”), our 9.625% senior secured second lien notes due 2032 (the “2032 2L Notes”) and our 7.25% senior secured first lien notes due 2033 (the “2033 1L Notes”) as follows (in millions):

	March 31,			December 31,
	2026			2025
Long-term debt:
Senior Credit Facility:
2028 1L Term Loan (matures December 1, 2028)	$	739		$	739
2026 1L Term Loan (pre-paid April 2, 2026)		10			10
Senior secured first lien notes:
2029 1L Notes (matures July 15, 2029)		1,125			1,125
2033 1L Notes (matures August 15, 2033)		775			775
Senior secured second lien notes:
2032 2L Notes (matures July 15, 2032)		1,150			1,150
Senior unsecured notes:
2026 Notes (pre-paid January 20, 2026)		-			2
2030 Notes (matures October 15, 2030)		790			790
2031 Notes (matures November 15, 2031)		1,219			1,219
Total outstanding principal, including current portion		5,808			5,810
Unamortized deferred loan costs - Senior Credit Facility		(12	)		(13	)
Unamortized deferred loan costs - 2029 1L Notes		(8	)		(9	)
Unamortized deferred loan costs - 2030 Notes		(6	)		(7	)
Unamortized deferred loan costs - 2031 Notes		(10	)		(10	)
Unamortized deferred loan costs - 2032 2L Notes		(16	)		(17	)
Unamortized deferred loan costs - 2033 1L Notes		(15	)		(15	)
Unamortized premium - 2032 Notes		5			5
Less current portion		-			(2	)
Long-term debt, less current portion and deferred financing costs	$	5,746		$	5,742
Revolving Credit Facility:
Revolving Credit Facility commitment	$	750		$	750
Undrawn outstanding letters of credit		(5	)		(5	)
Borrowing availability under Revolving Credit Facility	$	745		$	745

2026 Refinancing Activities. On January 20, 2026, we repaid the then outstanding principal balance under our 2026 Notes.

On March 31, 2026, we entered into a sixth amendment (the “Sixth Amendment”) to our Fifth Amended and Restated Credit Agreement (as amended, including by the Sixth Amendment, the “2019 Senior Credit Facility”) which amended and restated the 2019 Senior Credit Facility in its entirety. The Sixth Amendment did not change the commitments under the revolving credit facility, the principal amounts of the term loans, or the stated maturities under our 2019 Senior Credit Facility. No new borrowings were incurred in connection with the Sixth Amendment.

The revolving credit facility bears interest, based on Term SOFR (as defined in the 2019 Senior Credit Facility) plus an applicable margin ranging from 1.75%–2.75% or the Base Rate (as defined below) plus an applicable margin ranging from 0.75%–1.75%, in each case based on the first lien net leverage ratio. We are required to pay a commitment fee on the average daily unused portion of the revolving credit facility, which rate ranges from 0.250% to 0.400% per annum, based on the first lien net leverage ratio. The term loans bear interest, at either Term SOFR plus an applicable margin or the Base Rate plus an applicable margin. “Base Rate” is defined as the greatest of (i) the administrative agent’s prime rate, (ii) the overnight federal funds rate plus 0.50% and (iii) Term SOFR for a one month tenor in effect on such day plus 1.00%. Our applicable margin with respect to the term loans is 3.00% for the 2021 term loan (plus a credit spread adjustment with respect to Term SOFR Loans with an interest period of one, three or 6 months, respectively) and 2.00% for Base Rate borrowings.

As of March 31, 2026, the interest rate on the balance outstanding under the 2024 term loan and the 2021 term loan were 8.9% and 6.8%, respectively.

For all interest-bearing obligations, we made interest payments of approximately $159 million and $121 million during the three-months ended March 31, 2026 and 2025, respectively. During each of the three-months ended March 31, 2026 and 2025, we capitalized less than $1 million of interest payments related to Assembly Atlanta.

As of March 31, 2026, the aggregate minimum principal maturities of our long-term debt for the remainder of 2026 and the succeeding five years were as follows (in millions):

	Minimum Principal Maturities
Year	Senior 1L Credit Facility		2029 1L Notes		2030 Notes		2031 Notes		2032 2L Notes		2033 1L Notes		Total
Remainder of 2026	$	-	$	-	$	-	$	-	$	-	$	-	$	-
2027		-		-		-		-		-		-		-
2028		739		-		-		-		-		-		739
2029		10		1,125		-		-		-		-		1,135
2030		-		-		790		-		-		-		790
2031		-		-		-		1,219		-		-		1,219
Thereafter		-		-		-		-		1,150		775		1,925
Total	$	749	$	1,125	$	790	$	1,219	$	1,150	$	775	$	5,808

As of March 31, 2026, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or to the guarantor subsidiaries. Our 2019 Senior Credit Facility contains affirmative and restrictive covenants with which we must comply. The 2029 1L Notes, 2030 Notes, 2031 Notes, the 2032 2L Notes and 2033 1L Notes also include covenants with which we must comply. As of March 31, 2026 and December 31, 2025, we were in compliance with all required covenants under all our debt obligations.