CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2022

CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS

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


(In millions)	March 31, 2022		December 31, 2021
First Lien Secured Debt:
Senior Secured Credit Facility-Term Loan due 2026 (3.352% as of March 31, 2022)	$	1,940.0	$	1,945.0
10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023 (£147.6 million and €312.2 million par value as of March 31, 2022)		542.3		552.6
7.5% First Lien Notes due 2029		950.0		—
10.5% First Lien Notes due 2025		—		500.0
10.5% First Lien Notes due 2026		—		300.0
15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026		—		73.5
Second Lien Secured Debt:
10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026		1,508.0		1,508.0
Subordinated Debt:
6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of March 31, 2022)		5.2		5.4
5.75% Senior Subordinated Notes due 2025		98.3		98.3
5.875% Senior Subordinated Notes due 2026		55.6		55.6
6.125% Senior Subordinated Notes due 2027		130.7		130.7
	$	5,230.1	$	5,169.1
Finance lease obligations		68.8		72.7
Deferred financing costs		(38.5)		(39.1)
Net premium (1)		330.2		298.0
	$	5,590.6	$	5,500.7
Less:
Current maturities corporate borrowings		(20.0)		(20.0)
Current maturities finance lease obligations		(8.2)		(9.5)
	$	5,562.4	$	5,471.2

(1)

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


	March 31,		December 31,
(In millions)	2022		2021
10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026	$	346.0	$	364.6
15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026		—		(16.8)
10.5% First Lien Notes due 2026		—		(24.5)
10.5% First Lien Notes due 2025		—		(7.2)
Senior Secured Credit Facility-Term Loan due 2026		(5.8)		(6.1)
10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023		(10.1)		(12.1)
6.375% Senior Subordinated Notes due 2024		0.1		0.1
	$	330.2	$	298.0

Summary of net premium (discount) amounts of corporate borrowings


	March 31,		December 31,
(In millions)	2022		2021
10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026	$	346.0	$	364.6
15%/17% Cash/PIK Toggle First Lien Secured Notes due 2026		—		(16.8)
10.5% First Lien Notes due 2026		—		(24.5)
10.5% First Lien Notes due 2025		—		(7.2)
Senior Secured Credit Facility-Term Loan due 2026		(5.8)		(6.1)
10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023		(10.1)		(12.1)
6.375% Senior Subordinated Notes due 2024		0.1		0.1
	$	330.2	$	298.0

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

The following table provides the principal payments required and maturities of corporate borrowing as of March 31, 2022:


	Principal
	Amount of
	Corporate
(In millions)	Borrowings
Nine months ended December 31, 2022	$	15.0
2023		562.3
2024		25.2
2025		118.3
2026		3,428.6
2027		130.7
Thereafter		950.0
Total	$	5,230.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details