v3.26.1
CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES (Tables)
6 Months Ended
Jun. 30, 2026
Summary of the carrying value of corporate borrowings and capital and financing lease liabilities

​

​

​

​

​

​

​

​

(In millions)

  ​ ​ ​

June 30, 2026

  ​ ​ ​

December 31, 2025

Secured Debt:

​

​

​

​

​

​

Credit Agreement-Term Loans due 2029 (10.639% as of June 30, 2026 and 10.731% as of December 31, 2025)

​

$

1,984.2

​

$

1,994.2

Odeon Credit Agreement-10.5% Term Loans due 2031

​

​

425.0

​

​

—

Senior Secured Notes due 2029 (9.0% cash interest & 6.0% PIK interest as of June 30, 2026 and December 31, 2025)

​

​

903.4

​

​

877.1

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

​

​

116.1

​

​

111.6

7.5% First Lien Notes due 2029

​

​

360.0

​

​

360.0

Unsecured/Retired Debt:

​

​

​

​

​

​

6.125% Senior Subordinated Notes due 2027

​

​

125.5

​

​

125.5

12.75% Odeon Senior Secured Notes due 2027

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​

—

​

​

400.0

Senior Secured Exchangeable Notes due 2030 (1.5% cash interest)

​

​

—

​

​

155.8

Total principal amount of corporate borrowings

​

$

3,914.2

​

$

4,024.2

Finance lease liabilities

​

 

52.6

​

 

52.5

Accrued paid-in-kind interest

​

​

2.8

​

​

2.7

Deferred financing costs

​

​

(75.8)

​

​

(64.4)

Net discount (1)

​

​

(4.9)

​

​

(68.5)

Bifurcated embedded derivative – Senior Secured Exchangeable Notes due 2030

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​

—

​

​

131.9

Bifurcated embedded derivative – 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030

​

​

15.3

​

​

12.6

Total carrying value of corporate borrowings and finance lease liabilities

​

$

3,904.2

​

$

4,091.0

Less:

​

​

​

​

​

​

Current maturities of corporate borrowings

​

​

(148.9)

​

 

(19.9)

Current maturities of finance lease liabilities

​

​

(7.4)

​

​

(5.8)

Total noncurrent carrying value of corporate borrowings and finance lease liabilities

​

$

3,747.9

​

$

4,065.3

​

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

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​

June 30,

​

December 31,

(In millions)

​

2026

​

2025

12.75% Odeon Senior Secured Notes due 2027

​

$

—

​

$

(14.6)

Odeon Credit Agreement-10.5% Term Loans due 2031

​

​

(8.2)

​

​

—

Senior Secured Notes due 2029

​

​

55.6

​

​

62.5

Senior Secured Exchangeable Notes due 2030

​

​

—

​

​

(57.4)

Credit Agreement-Term Loans due 2029

​

​

(27.2)

​

​

(32.6)

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

​

​

(25.1)

​

​

(26.4)

Net discount

​

$

(4.9)

​

$

(68.5)

Schedule of principal payments required and maturities of corporate borrowings

The following table provides the principal payments required and maturities of corporate borrowing as of June 30, 2026:

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Principal

​

​

Amount of

​

​

Corporate

(In millions)

  ​ ​ ​

Borrowings

Six months ended December 31, 2026 (1)

​

$

137.5

2027

​

​

23.9

2028

​

 

23.7

2029

​

 

3,202.8

2030

​

 

120.4

2031

​

 

405.9

Total

​

$

3,914.2

​

(1)Includes $125.5 million for the 6.125% Senior Subordinated Notes due 2027 (the “Senior Subordinated Notes due 2027”) that will be redeemed pursuant to the Notice (as defined herein).
Schedule of debt repurchases and exchanges

The table below summarizes the various cash debt repurchase transactions during the six months ended June 30, 2025.

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Aggregate Principal

​

Reacquisition

​

(Gain)/Loss on

​

Accrued Interest

(In millions)

​

Repurchased

​

Cost

​

Extinguishment

​

Paid

5.75% Senior Subordinated Notes due 2025

​

$

1.3

​

$

1.3

​

$

—

​

$

—

6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030  
Summary of debt validly tendered and accepted

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​

​

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​

​

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​

​

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Carrying Value

​

​

​

Carrying Value

​

​

as of

​

(Increase) Decrease to

​

as of

(In millions)

​

December 31, 2025

​

Net Earnings (Loss)

​

June 30, 2026

Principal balance

​

$

111.6

​

$

4.5

​

$

116.1

Discount

​

​

(26.4)

​

​

1.3

​

​

(25.1)

Debt issuance costs

​

​

(5.2)

​

​

0.2

​

​

(5.0)

Accrued paid-in-kind interest

​

​

0.4

​

​

—

​

​

0.4

Bifurcated embedded derivative

​

​

12.6

​

​

2.7

​

​

15.3

Carrying value

​

$

93.0

​

$

8.7

​

$

101.7

​

Senior Secured Exchangeable Notes due 2030  
Summary of debt validly tendered and accepted

​

​

​

​

​

​

​

​

​

​

​

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Carrying Value

​

​

​

Deferred

​

Consent Fee

​

Notes

​

Carrying Value

​

​

as of

​

(Increase) Decrease to

​

Charges

​

Paid With

​

Exchanged For

​

as of

(In millions)

​

December 31, 2025

​

Net Earnings (Loss)

​

Activity

​

Common Stock

​

Common Stock

​

June 30, 2026

Principal balance

​

$

155.8

​

$

—

​

$

—

​

$

—

​

$

(155.8)

​

$

—

Discount

​

​

(57.4)

​

​

3.4

​

​

—

​

​

—

​

​

54.0

​

​

—

Debt issuance costs

​

​

(14.8)

​

​

0.8

​

​

1.6

​

​

—

​

​

12.4

​

​

—

Bifurcated embedded derivative

​

​

131.9

​

​

(11.1)

​

​

(1.6)

​

​

(15.7)

​

​

(103.5)

​

​

—

Carrying value

​

$

215.5

​

$

(6.9)

​

$

—

​

$

(15.7)

​

$

(192.9)

​

$

—