v3.24.1.u1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
Long-term debt consisted of the following (in thousands):
 
March 31, 2024December 31, 2023
Macau Related:
WM Cayman II Revolver, due 2025 (1)
$1,346,764 $1,497,610 
WML 4 7/8% Senior Notes, due 2024600,000 600,000 
WML 5 1/2% Senior Notes, due 20261,000,000 1,000,000 
WML 5 1/2% Senior Notes, due 2027750,000 750,000 
WML 5 5/8% Senior Notes, due 20281,350,000 1,350,000 
WML 5 1/8% Senior Notes, due 20291,000,000 1,000,000 
WML 4 1/2% Convertible Bonds, due 2029 (2)
600,000 600,000 
U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 202472,739 73,683 
WRF Term Loan, due 2027721,324 730,692 
WLV 5 1/2% Senior Notes, due 2025583,310 1,380,001 
WLV 5 1/4% Senior Notes, due 2027880,000 880,000 
WRF 5 1/8% Senior Notes, due 2029750,000 750,000 
WRF 7 1/8% Senior Notes, due 20311,000,000 600,000 
Retail Term Loan, due 2025 (4)
615,000 615,000 
11,269,137 11,826,986 
WML Convertible Bond Conversion Option Derivative90,025 73,744 
Less: Unamortized debt issuance costs and original issue discounts and premium, net(147,544)(162,393)
11,211,618 11,738,337 
Less: Current portion of long-term debt(1,291,488)(709,593)
Total long-term debt, net of current portion$9,920,130 $11,028,744 
(1) As of March 31, 2024, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10% or HIBOR, in each case plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $281.3 million and $1.07 billion of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975% per year and HIBOR plus 1.875% per year, respectively. As of March 31, 2024, the weighted average interest rate was approximately 6.80%. As of March 31, 2024, the available borrowing capacity under the WM Cayman II Revolver was $149.6 million.
(2) As of March 31, 2024, the net carrying amount of the WML Convertible Bonds was $484.1 million, with unamortized debt discount and debt issuance costs of $115.9 million. The Company recorded contractual interest expense of $6.8 million and $1.8 million and amortization of discounts and issuance costs of $4.6 million and $1.1 million during the three months ended March 31, 2024 and 2023, respectively.
(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of March 31, 2024, the weighted average interest rate was approximately 7.18%. Additionally, as of March 31, 2024, the available borrowing capacity under the WRF Revolver was $737.2 million, net of $12.8 million in outstanding letters of credit.
(4) The Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 1.80% per year. As of March 31, 2024, the interest rate was 5.47%.