v3.20.4
CORPORATE BORROWINGS (Tables)
12 Months Ended
Dec. 31, 2020
Summary of the carrying value of corporate borrowings and capital and financing lease obligations

(In millions)

    

December 31, 2020

    

December 31, 2019

First Lien Secured Debt:

Senior Secured Credit Facility-Term Loan due 2026 (3.23% as of December 31, 2020)

$

1,965.0

$

1,985.0

Senior Secured Credit Facility-Revolving Credit Facility Due 2024 (range of 2.65% to 2.74% as of December 31, 2020)

212.2

Odeon Revolving Credit Facility Due 2022 (2.5785% as of December 31, 2020)

93.7

Odeon Revolving Credit Facility Due 2022 (2.6% as of December 31, 2020)

27.1

10.5% First Lien Notes due 2025

500.0

2.95% Senior Secured Convertible Notes due 2026

600.0

10.5% First Lien Notes due 2026

300.0

Second Lien Secured Debt:

10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026

1,423.6

Senior Debt:

2.95% Senior Unsecured Convertible Notes due 2024

600.0

Subordinated Debt:

6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of December 31, 2020)

5.4

655.8

5.75% Senior Subordinated Notes due 2025

98.3

600.0

5.875% Senior Subordinated Notes due 2026

55.6

595.0

6.125% Senior Subordinated Notes due 2027

130.7

475.0

$

5,411.6

$

4,910.8

Finance lease obligations

 

96.0

 

99.9

Paid-in-kind interest for 10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026

7.6

Deferred financing costs

(42.1)

(88.8)

Net premium (discount) (1)

338.7

(69.1)

Derivative liability

0.5

$

5,811.8

$

4,853.3

Less:

Current maturities corporate borrowings

(20.0)

 

(20.0)

Current maturities finance lease obligations

(12.9)

(10.3)

$

5,778.9

$

4,823.0

(1)The following table provides the net premium (discount) amounts of corporate borrowings:
Summary of net premium (discount) amounts of corporate borrowings

December 31,

December 31,

(In millions)

2020

2019

10%/12%/Cash/PIK/Toggle Second Lien Subordinated Notes due 2026

$

445.1

$

2.95% Senior Secured Convertible Notes due 2026

(61.5)

2.95% Senior Unsecured Convertible Notes due 2024

(73.7)

10.5% First Lien Notes due 2026

 

(28.5)

 

10.5% First Lien Notes due 2025

 

(8.9)

 

Senior Secured Credit Facility-Term Loan due 2026

(7.5)

(9.0)

6.375% Senior Subordinated Notes due 2024

 

 

13.6

$

338.7

$

(69.1)

Schedule of minimum annual payments required under existing capital and financing lease obligations (net present value thereof) and maturities of corporate borrowings

Principal

Amount of

Corporate

(In millions)

    

Borrowings (1)

2021

$

20.0

2022

 

140.7

2023

 

20.0

2024

 

237.7

2025

 

618.3

Thereafter

 

4,374.9

Total

$

5,411.6

(1)See Note 17Subsequent Events for information regarding the new Odeon Term Loan Facility and the First Lien Toggle Notes due 2026.
Summary of debt validly tendered and accepted

(In thousands)

Total Aggregate Principal Amount Validly Tendered

Percentage of Outstanding Existing Subordinated Notes Validly Tendered

6.375% Senior Subordinated Notes due 2024 (£496,014 par value)

$

632,145

99.20

%

5.75% Senior Subordinated Notes due 2025

$

501,679

83.61

%

5.875% Senior Subordinated Notes due 2026

$

539,393

90.65

%

6.125% Senior Subordinated Notes due 2027

$

344,279

72.48

%

Convertible Notes  
Summary of the carrying value of corporate borrowings and capital and financing lease obligations

Carrying Value

Increase

Carrying Value

Increase

Reclassification

Carrying Value

at Issuance on

to Expense

as of

to Expense

to Additional

as of

(In millions)

December 31, 2018

(Income)

December 31, 2019

(Income)

Paid-in Capital

December 31, 2020

Principal balance

$

600.0

$

$

600.0

$

$

$

600.0

Discount

(86.7)

13.0

(73.7)

12.2

(61.5)

Deferred financing costs

(13.0)

1.8

(11.2)

1.7

(9.5)

Derivative liability

24.0

(23.5)

0.5

89.4

(89.9)

Carrying value

$

524.3

$

(8.7)

$

515.6

$

103.3

$

(89.9)

$

529.0