v3.24.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
Long-term debt consisted of the following (in thousands):
 
September 30, 2024December 31, 2023
Macau Related:
WM Cayman II Revolver, due 2028 (1)
$1,150,962 $1,497,610 
WML 4 7/8% Senior Notes, due 2024 (2)
600,000 600,000 
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 (3)
600,000 600,000 
U.S. and Corporate Related:
WRF Credit Facilities (4):
WRF Term Loan, due 2024— 73,683 
WRF Term Loan, due 2027773,438 730,692 
WLV 5 1/2% Senior Notes, due 2025 (2)
583,310 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 
WRF 6 1/4% Senior Notes, due 2033800,000 — 
Retail Term Loan, due 2027 (5)
615,000 615,000 
11,852,710 11,826,986 
WML Convertible Bond Conversion Option Derivative75,894 73,744 
Less: Unamortized debt issuance costs and original issue discounts and premium, net(142,042)(162,393)
11,786,562 11,738,337 
Less: Current portion of long-term debt(1,239,054)(709,593)
Total long-term debt, net of current portion$10,547,508 $11,028,744 
(1) As of September 30, 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 $239.1 million and $911.9 million 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 September 30, 2024, the weighted average interest rate was approximately 6.33%. As of September 30, 2024, the available borrowing capacity under the WM Cayman II Revolver was $353.6 million.
(2) In October 2024, the Company repaid or repurchased the 2024 WML Senior Notes and 2025 WLV Senior Notes using short-term restricted cash held at WML and WRF, respectively.
(3) As of September 30, 2024, the net carrying amount of the WML Convertible Bonds was $493.5 million, with unamortized debt discount and debt issuance costs of $106.5 million. The Company recorded contractual interest expense of $6.8 million and $6.8 million and amortization of discounts and issuance costs of $4.8 million and $4.4 million during the three months ended September 30, 2024 and 2023, respectively, and contractual interest expense of $20.3 million and $15.3 million and amortization of discounts and issuance costs of $14.0 million and $9.7 million during the nine months ended September 30, 2024 and 2023, respectively.
(4) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of September 30, 2024, the weighted average interest rate was approximately 6.70%. Additionally, as of September 30, 2024, the available borrowing capacity under the WRF Revolver was $735.3 million, net of $14.7 million in outstanding letters of credit.
(5) As of September 30, 2024, the Retail Term Loan bore interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 1.80% per year, for an all-in interest rate of 5.54%. On October 2, 2024, the borrowers amended the term loan agreement to, among other things, extend the scheduled maturity of the Retail Term Loan to 2027 and change the interest rate on the Retail Term Loan to one-month term SOFR plus 2.15% per year, as further described below.