Quarterly report [Sections 13 or 15(d)]

LONG-TERM DEBT

v3.25.2
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt, which includes finance leases, consisted of the following:
June 30, 2025 December 31, 2024
(in thousands)
Senior Secured Credit Facility:
Term loan B $ 823,793  $ 828,163 
6.5% Senior Secured Notes due 2027 1,200,000  1,200,000 
3.75% Senior Secured Notes due 2028 500,000  500,000 
5.625% Senior Notes due 2026 300,000  300,000 
4.75% Senior Notes due 2027 950,000  950,000 
2.0% Convertible Senior Notes due 2025 —  83,957 
3.125% Convertible Senior Notes due 2029 1,000,000  1,000,000 
2.875% Convertible Senior Notes due 2030 1,100,000  1,100,000 
Other debt 648,754  529,257 
Total principal amount 6,522,547  6,491,377 
Less: unamortized discounts and debt issuance costs (46,199) (53,308)
Total debt, net of unamortized discounts and debt issuance costs 6,476,348  6,438,069 
Less: current portion (1)
1,485,353  260,901 
Total long-term debt, net $ 4,990,995  $ 6,177,168 
__________________
(1)    As of June 30, 2025, the current portion includes the full principal amount of the 3.125% convertible senior notes due 2029 (the “2029 Notes”) as, in accordance with the 2029 Notes indenture, the closing price of our common stock achieved specified targets during the three months ended June 30, 2025, which gives the holders of the 2029 Notes the option to surrender all or any portion of the 2029 Notes. The Company can elect to settle any surrendered 2029 Notes with common stock and/or cash. The surrender window is currently from July 1, 2025 through September 30, 2025 and may be extended at each quarter end thereafter depending on our future stock price.
All debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5 – Fair Value Measurements for discussion of the fair value measurement of our debt.
Other Debt
As of June 30, 2025, other debt includes $275.0 million for a note due in 2026 related to an acquisition of a venue in the United States during the first quarter of 2023 and $135.3 million for a Euro denominated note due in 2025.
Debt Extinguishment
On February 18, 2025, we utilized $84.8 million of our existing cash balance to repay the remaining aggregate principal amount of our 2.0% convertible senior notes due February 2025 plus accrued interest and we issued 182,560 shares of common stock to holders as a result of conversion.