v3.23.3
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables)
9 Months Ended
Sep. 30, 2023
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES  
Summary of the carrying value of corporate borrowings and capital and financing lease obligations

(In millions)

    

September 30, 2023

    

December 31, 2022

First Lien Secured Debt:

Senior Secured Credit Facility-Term Loan due 2026 (8.427% as of September 30, 2023 and 7.274% as of December 31, 2022)

$

1,910.0

$

1,925.0

12.75% Odeon Senior Secured Notes due 2027

400.0

400.0

7.5% First Lien Notes due 2029

950.0

950.0

Second Lien Secured Debt:

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

1,124.2

1,389.8

Subordinated Debt:

6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of September 30, 2023)

4.9

4.8

5.75% Senior Subordinated Notes due 2025

98.3

98.3

5.875% Senior Subordinated Notes due 2026

51.5

55.6

6.125% Senior Subordinated Notes due 2027

125.5

125.5

Total principal amount of corporate borrowings

$

4,664.4

$

4,949.0

Finance lease liabilities

 

54.5

 

58.8

Deferred financing costs

(33.0)

(37.9)

Net premium (1)

139.0

229.7

Total carrying value of corporate borrowings and finance lease liabilities

$

4,824.9

$

5,199.6

Less:

Current maturities of corporate borrowings

(20.0)

 

(20.0)

Current maturities of finance lease liabilities

(6.2)

(5.5)

Total noncurrent carrying value of corporate borrowings and finance lease liabilities

$

4,798.7

$

5,174.1

Summary of net premium (discount) amounts of corporate borrowings

September 30,

December 31,

(In millions)

2023

2022

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

$

170.4

$

265.5

Senior Secured Credit Facility-Term Loan due 2026

(3.7)

(4.8)

12.75% Odeon Senior Secured Notes due 2027

(27.7)

(31.1)

6.375% Senior Subordinated Notes due 2024

 

 

0.1

Net premium

$

139.0

$

229.7

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

Three months ended December 31, 2023

$

5.0

2024

24.9

2025

 

118.3

2026

 

3,040.7

2027

 

525.5

2028

 

Thereafter

 

950.0

Total

$

4,664.4

Schedule of debt repurchases transactions

The below table summarizes the cash debt repurchase transactions during the nine months ended September 30, 2023, including the related party transactions with Antara, which was a related party from February 7, 2023 to August 25, 2023:

Aggregate Principal

Reacquisition

Gain on

Accrued Interest

(In millions)

Repurchased

Cost

Extinguishment

Paid

Related party transactions:

Second Lien Notes due 2026

$

75.9

$

48.5

$

40.9

$

1.1

5.875% Senior Subordinated Notes due 2026

4.1

1.7

2.3

0.1

Total related party transactions

80.0

50.2

43.2

1.2

Non-related party transactions:

Second Lien Notes due 2026

89.7

51.3

54.3

2.2

Total non-related party transactions

89.7

51.3

54.3

2.2

Total debt repurchases

$

169.7

$

101.5

$

97.5

$

3.4