CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES |
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| Summary of the carrying value of corporate borrowings and capital and financing lease obligations |
| | | | | | | (In millions) | | December 31, 2024 | | December 31, 2023 | Secured Debt: | | | | | | | Credit Agreement-Term Loans due 2029 (11.356% as of December 31, 2024) | | $ | 2,014.2 | | $ | — | 12.75% Odeon Senior Secured Notes due 2027 | | | 400.0 | | | 400.0 | 7.5% First Lien Notes due 2029 | | | 950.0 | | | 950.0 | Senior Secured Credit Facility-Term Loan due 2026 (8.474% as of December 31, 2023) | | | — | | | 1,905.0 | 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | | | 427.6 | | | — | Subordinated Debt: | | | | | | | 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 | | | 131.2 | | | 968.9 | 6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of December 31, 2023) | | | — | | | 5.1 | 5.75% Senior Subordinated Notes due 2025 | | | 44.1 | | | 98.3 | 5.875% Senior Subordinated Notes due 2026 | | | 41.9 | | | 51.5 | 6.125% Senior Subordinated Notes due 2027 | | | 125.5 | | | 125.5 | Total principal amount of corporate borrowings | | $ | 4,134.5 | | $ | 4,504.3 | Finance lease liabilities | | | 49.3 | | | 55.4 | Paid-in-kind interest for 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | | | 1.5 | | | — | Deferred financing costs | | | (47.2) | | | (31.1) | Net premium (discount) (1) | | | (171.3) | | | 104.2 | Derivative liability - Conversion Option | | | 157.6 | | | — | Total carrying value of corporate borrowings and finance lease liabilities | | $ | 4,124.4 | | $ | 4,632.8 | Less: | | | | | | | Current maturities of corporate borrowings | | | (64.2) | | | (25.1) | Current maturities of finance lease liabilities | | | (4.4) | | | (5.4) | Total noncurrent carrying value of corporate borrowings and finance lease liabilities | | $ | 4,055.8 | | $ | 4,602.3 |
| (1) | The following table provides the net premium (discount) amounts of corporate borrowings: |
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| Summary of net premium (discount) amounts of corporate borrowings |
| | | | | | | | | December 31, | | December 31, | (In millions) | | 2024 | | 2023 | 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 | | $ | 10.9 | | $ | 133.9 | Senior Secured Credit Facility-Term Loan due 2026 | | | — | | | (3.3) | 12.75% Odeon Senior Secured Notes due 2027 | | | (20.9) | | | (26.4) | Credit Agreement-Term Loans due 2029 | | | (43.4) | | | — | 6.00%/8.00% Cash/PIK/Toggle Senior Secured Exchangeable Notes due 2030 | | | (117.9) | | | — | Net premium (discount) | | $ | (171.3) | | $ | 104.2 |
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| 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 | 2025 | | | 64.2 | 2026 | | | 192.9 | 2027 | | | 545.1 | 2028 | | | 19.5 | 2029 | | | 2,885.2 | Thereafter | | | 427.6 | Total | | $ | 4,134.5 |
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| Schedule of share issuance upon exchange of debt |
| | | | | | | | | | | | | | | | | | | | | Shares of | | | | | | | | | | | | Aggregate Principal | | Common Stock | | Reacquisition | | (Gain)/Loss on | | Accrued Interest | (In millions, except for share data) | | Repurchased/Exchanged | | Exchanged | | Cost | | Extinguishment | | Paid/Exchanged | Cash debt repurchase transactions: | | | | | | | | | | | | | | | | 5.75% Senior Subordinated Notes due 2025 | | $ | 8.9 | | | — | | $ | 8.6 | | $ | (0.3) | | $ | 0.1 | Second Lien Notes due 2026 | | | 50.0 | | | — | | | 50.5 | | | (4.4) | | | 1.4 | Total cash debt repurchase transactions | | | 58.9 | | | — | | | 59.1 | | | (4.7) | | | 1.5 | Debt for equity exchange transactions: | | | | | | | | | | | | | | | | 5.75% Senior Subordinated Notes due 2025 | | | 36.7 | | | 9,017,297 | | | 39.8 | | | 3.2 | | | 0.8 | Second Lien Notes due 2026 | | | 224.1 | | | 35,062,835 | | | 157.2 | | | (93.1) | | | 8.3 | Total debt for equity exchange transactions | | | 260.8 | | | 44,080,132 | | | 197.0 | | | (89.9) | | | 9.1 | Cash and debt for equity exchange transactions: | | | | | | | | | | | | | | | | 5.75% Senior Subordinated Notes due 2025 | | | 8.6 | | | 447,829 | | | 8.4 | | | (0.2) | | | 0.1 | 5.875% Senior Subordinated Notes due 2026 | | | 9.6 | | | 432,777 | | | 8.1 | | | (1.3) | | | 0.2 | Second Lien Notes due 2026 | | | 45.0 | | | 2,693,717 | | | 45.5 | | | (4.0) | | | 1.2 | Total cash and debt for equity exchange transactions | | | 63.2 | | | 3,574,323 | | | 62.0 | | | (5.5) | | | 1.5 | Total debt repurchases and exchanges | | $ | 382.9 | | | 47,654,455 | | $ | 318.1 | | $ | (100.1) | | $ | 12.1 |
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| Schedule of debt repurchases transactions |
| | | | | | | | | | | | | | | | | | | | | Shares of | | | | | | | | | | | | Aggregate Principal | | Common Stock | | Reacquisition | | (Gain) on | | Accrued Interest | (In millions, except for share data) | | Repurchased/Exchanged | | Exchanged | | Cost | | Extinguishment | | Paid/Exchanged | Cash debt repurchase transactions: | | | | | | | | | | | | | | | | 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 | | | 139.7 | | | — | | | 91.4 | | | (71.3) | | | 4.5 | Total non-related party transactions | | | 139.7 | | | — | | | 91.4 | | | (71.3) | | | 4.5 | Total cash debt repurchase transactions | | $ | 219.7 | | $ | — | | $ | 141.6 | | $ | (114.5) | | $ | 5.7 | Debt for equity exchange transactions: | | | | | | | | | | | | | | | | Second Lien Notes due 2026 | | $ | 105.3 | | | 14,186,651 | | | 91.7 | | | (28.3) | | | 1.2 | Total debt repurchases and exchanges | | $ | 325.0 | | | 14,186,651 | | $ | 233.3 | | $ | (142.8) | | $ | 6.9 |
The below table summarizes the various cash debt repurchase transactions during the year ended December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | Aggregate Principal | | Reacquisition | | (Gain) on | | Accrued Interest | (In millions, except for share data) | | Repurchased | | Cost | | Extinguishment | | Paid | Second Lien Notes due 2026 | | $ | 118.3 | | $ | 68.3 | | $ | (75.0) | | $ | 4.5 | 6.125% Senior Subordinated Notes due 2027 | | | 5.3 | | | 1.6 | | | (3.7) | | | — | Total debt repurchase transactions | | $ | 123.6 | | $ | 69.9 | | $ | (78.7) | | $ | 4.5 |
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| Schedule of extinguishment of debt |
| | | | (In millions) | | Amount | Fair value of Exchangeable Notes due 2030 | | $ | 293.6 | Fair value of Conversion Option | | | 233.4 | Fair value of New Term Loans due 2029 | | | 104.2 | PIK fee paid to Second Lien Lenders | | | 2.3 | Cash fee paid to Second Lien Lenders | | | 2.3 | Second Lien Notes consideration | | | 635.8 | | | | | Principal Second Lien Notes | | | 518.6 | Premium Second Lien Notes | | | 56.0 | Carrying value Second Lien Notes | | | 574.6 | | | | | Loss on extinguishment of Second Lien Notes | | $ | 61.2 |
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| Summary of debt validly tendered and accepted |
Carrying value (in millions) as of December 31, 2024: | | | | | | | | | | | | | | | Carrying Value | | | Additional | | | | | Carrying Value | | | at Issuance on | | | Deferred | | (Increase) Decrease to | | as of | | | July 22, 2024 | | | Charges | | Net Earnings (Loss) | | December 31, 2024 | Principal balance (1) | | $ | 414.4 | | $ | — | | $ | 13.2 | | $ | 427.6 | Discount | | | (120.8) | | | — | | | 2.9 | | | (117.9) | Debt issuance costs | | | (23.2) | | | (0.7) | | | 0.6 | | | (23.3) | Accrued paid-in-kind interest | | | — | | | — | | | 1.5 | | | 1.5 | Derivative liability | | | 233.4 | | | — | | | (75.8) | | | 157.6 | Carrying value | | $ | 503.8 | | $ | (0.7) | | $ | (57.6) | | $ | 445.5 |
| (1) | The change in principal balance is due to paid-in-kind interest. |
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