Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt |
Debt Substantially all of the Company’s debt is carried at outstanding principal balance, less debt issuance costs and any
unamortized discount. The following table is a summary of the Company’s outstanding debt:
Term Loan
As of March 31, 2026, $1,678.8 million of the Term Loan principal was outstanding, $0.3 million of interest was accrued,
and the related unamortized deferred issuance costs were $22.6 million. As of December 31, 2025, $1,683.0 million of the
principal was outstanding, $0.3 million of interest was accrued, and the related unamortized deferred issuance costs were
$23.6 million.
Revolving Credit Facility
The Revolving Credit Facility had a borrowing capacity of $1,400.0 million as of March 31, 2026 and December 31, 2025.
Due to the nature of the instrument, the deferred issuance costs related to the facility of $7.0 million and $7.5 million as of
March 31, 2026 and December 31, 2025, respectively, were included in Other non-current assets on the Consolidated
Balance Sheets. The commitments available to be borrowed under the Revolving Credit Facility were $1,082.0 million as
of March 31, 2026, as the facility was drawn on by $318.0 million. The commitments available to be borrowed under the
Revolving Credit Facility were $1,326.8 million as of December 31, 2025, as the facility was drawn on by $73.2 million.
The Company pays a commitment fee on undrawn amounts under the facility of 0.25%-0.50%. As of March 31, 2026 and
December 31, 2025, the Company accrued $0.7 million and $0.8 million, respectively, of unpaid commitment fees related
to the Revolving Credit Facility in Short-term debt and current portion of long-term debt on the Consolidated Balance
Sheets. As of March 31, 2026 and December 31, 2025, accrued interest on the facility was $0.7 million and $0.1 million,
respectively.
Senior Secured Notes due 2030
In February 2022, the LLC issued $400.0 million of Senior Secured Notes. As of March 31, 2026 and December 31, 2025,
accrued interest on the notes was $2.9 million and $7.3 million, respectively, and the related unamortized deferred issuance
costs were $4.4 million and $4.6 million, respectively.
Senior Secured Notes due 2032
In September 2024, the LLC issued $600.0 million of Senior Secured Notes at par. In December 2024, the LLC issued an
additional $600.0 million of Senior Secured Notes at a price of 99.5% of their face value plus accrued interest from
September 19, 2024. The notes issued in December 2024 were issued as additional notes under the same indenture as the
notes that were issued in September 2024 and, as such, form a single series and trade interchangeably with the previously
issued senior secured notes due 2032. As of March 31, 2026 and December 31, 2025, accrued interest on the notes was
$11.8 million and $29.4 million, respectively, and the related unamortized deferred issuance costs, including discount, were
$18.9 million and $19.5 million, respectively.
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