CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2022

CORPORATE BORROWINGS AND FINANCE LEASE OBLIGATIONS

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


(In millions)	September 30, 2022		December 31, 2021
First Lien Secured Debt:
Senior Secured Credit Facility-Term Loan due 2026 (5.756% as of September 30, 2022 and 3.103% as of December 31, 2021)	$	1,930.0	$	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 September 30, 2022)		471.1		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		1,435.5		1,508.0
Subordinated Debt:
6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of September 30, 2022)		4.4		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
Total principal amount of corporate borrowings	$	5,075.6	$	5,169.1
Finance lease liabilities		56.2		72.7
Deferred financing costs		(32.4)		(39.1)
Net premium (1)		282.1		298.0
Total carrying value of corporate borrowings and finance lease liabilities	$	5,381.5	$	5,500.7
Less:
Current maturities corporate borrowings		(128.1)		(20.0)
Current maturities finance lease liabilities		(5.7)		(9.5)
Total noncurrent carrying value of corporate borrowings and finance lease liabilities	$	5,247.7	$	5,471.2

(1)

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


	September 30,		December 31,
(In millions)	2022		2021
10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026	$	292.9	$	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		(5.1)		(6.1)
10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023		(5.8)		(12.1)
6.375% Senior Subordinated Notes due 2024		0.1		0.1
	$	282.1	$	298.0

Summary of net premium (discount) amounts of corporate borrowings


	September 30,		December 31,
(In millions)	2022		2021
10%/12% Cash/PIK/Toggle Second Lien Subordinated Notes due 2026	$	292.9	$	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		(5.1)		(6.1)
10.75% in Year 1, 11.25% thereafter Cash/PIK Odeon Term Loan Facility due 2023		(5.8)		(12.1)
6.375% Senior Subordinated Notes due 2024		0.1		0.1
	$	282.1	$	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 September 30, 2022:


	Principal
	Amount of
	Corporate
(In millions)	Borrowings
Three months ended December 31, 2022	$	5.0
2023 (1)		128.1
2024		24.4
2025		118.3
2026		3,356.1
2027 (1)		493.7
Thereafter		950.0
Total	$	5,075.6

(1)

$108.1 million principal of the Odeon Term Loan Facility is included in 2023 maturities and the remaining $363.0 million is included in 2027. The Odeon Term Loan Facility was refinanced on October 20^th 2022. See Note 13 – Subsequent Events for more information

- 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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