This consists of its senior secured revolving credit facility and senior secured term loan A.
Seeking to address remaining 2024 maturities
The company said it's actively pursuing alternatives to address the remaining debt associated with the operating credit facility that will otherwise mature in January 2024.
'Meaningful additional flexibility'
'As part of this amendment, we were able to modify certain financial covenants and secure additional debt capacity of $1.5 billion, including approximately $0.5 billion of secured debt capacity,' EVP/CFO Mark Kempa said. 'While we continue to believe our ongoing and organic cash generation provides a path to restore our balance sheet over time, the increase in debt capacity provides meaningful additional financial flexibility, if needed, as we prepare for multiple scenarios in an uncertain macroeconomic environment.'
The operating credit facility consists of the $875m senior secured revolving credit facility and the senior secured term loan A facility with an outstanding principal amount of approximately $1.5b as of Sept. 30.