v3.25.1
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables)
3 Months Ended
Mar. 31, 2025
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES  
Summary of the carrying value of corporate borrowings and capital and financing lease liabilities

(In millions)

    

March 31, 2025

    

December 31, 2024

Secured Debt:

Credit Agreement-Term Loans due 2029 (11.322% as of March 31, 2025 and 11.356% as of December 31, 2024)

$

2,009.2

$

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

6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030

427.6

427.6

Subordinated Debt:

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

131.2

131.2

5.75% Senior Subordinated Notes due 2025

42.8

44.1

5.875% Senior Subordinated Notes due 2026

41.9

41.9

6.125% Senior Subordinated Notes due 2027

125.5

125.5

Total principal amount of corporate borrowings

$

4,128.2

$

4,134.5

Finance lease liabilities

 

50.0

 

49.3

Paid-in-kind interest for 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030

10.1

1.5

Deferred financing costs

(45.4)

(47.2)

Net discount (1)

(167.2)

(171.3)

Derivative liability - Conversion Option

112.5

157.6

Total carrying value of corporate borrowings and finance lease liabilities

$

4,088.2

$

4,124.4

Less:

Current maturities of corporate borrowings

(62.8)

 

(64.2)

Current maturities of finance lease liabilities

(4.6)

(4.4)

Total noncurrent carrying value of corporate borrowings and finance lease liabilities

$

4,020.8

$

4,055.8

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

March 31,

December 31,

(In millions)

2025

2024

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

$

9.1

$

10.9

12.75% Odeon Senior Secured Notes due 2027

(19.5)

(20.9)

Credit Agreement-Term Loans due 2029

(40.7)

(43.4)

6.00%/8.00% Cash/PIK/Toggle Senior Secured Exchangeable Notes due 2030

(116.1)

(117.9)

Net discount

$

(167.2)

$

(171.3)

Schedule of principal payments required and maturities of corporate borrowings

Principal

Amount of

Corporate

(In millions)

    

Borrowings

Nine months ended December 31, 2025

$

57.8

2026

193.0

2027

 

545.1

2028

 

19.5

2029

 

2,885.2

2030

 

427.6

Total

$

4,128.2

Schedule of Debt Repurchases and Exchanges

Aggregate Principal

Reacquisition

(Gain)/Loss on

Accrued Interest

(In millions)

Repurchased/Exchanged

Cost

Extinguishment

Paid/Exchanged

5.75% Senior Subordinated Notes due 2025

$

1.3

$

1.3

$

$

Schedule of debt for equity exchange

Shares of

Aggregate Principal

Common Stock

Reacquisition

Gain on

Accrued Interest

(In millions, except for share data)

Repurchased

Exchanged

Cost

Extinguishment

Paid

Second Lien Notes due 2026

$

17.5

2,541,250

$

14.1

$

5.8

$

0.1

Summary of debt validly tendered and accepted

Carrying value (in millions) as of March 31, 2025:

Carrying Value

Carrying Value

as of

(Increase) Decrease to

as of

(In millions)

December 31, 2024

Net Earnings (Loss)

March 31, 2025

Principal balance

$

427.6

$

$

427.6

Discount

(117.9)

1.8

(116.1)

Debt issuance costs

(23.3)

0.4

(22.9)

Accrued paid-in-kind interest

1.5

8.6

10.1

Derivative liability

157.6

(45.1)

112.5

Carrying value

$

445.5

$

(34.3)

$

411.2