Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

14. Debt

	Weighted Average Interest Rate % 1		June 30, 2024		December 31, 2023
Short-term debt			$	29.9	$	13.7
Long-term debt:
Term loans (maturing September 2026):
Term Loan A Facility loan denominated in Canadian dollars, secured ("CAD TLA Facility")	7.63	%	78.2		83.1
Term Loan A Facility loan denominated in US dollars, secured ("USD TLA Facility")	7.78	%	1,425.0		1,675.0
Less: unamortized debt issuance costs			(10.5)		(15.0)
Senior secured and unsecured notes:
6.75% Senior secured notes due in March 2028 (the "Secured Notes")			550.0		550.0
Less: unamortized debt issuance costs			(6.0)		(6.8)
7.75% Senior unsecured notes due in March 2031 (the "Unsecured Notes")			800.0		800.0
Less: unamortized debt issuance costs			(9.8)		(10.5)
Total long-term debt			2,826.9		3,075.8
Total debt			$	2,856.8	$	3,089.5
Long-term debt:
Current portion			$	4.3	$	14.2
Non-current portion			2,822.6		3,061.6
Total long-term debt			$	2,826.9	$	3,075.8

1 The weighted average interest rate reflects the rate at the end of the period for the debt outstanding

At June 30, 2024, the Company had unused committed revolving credit facilities aggregating $706.8 million that are available until September 2026, subject to certain covenant restrictions, and a $5.0 million unused uncommitted revolving credit facility with no maturity date. The Company was in compliance with all financial and other covenants applicable to the credit facilities at June 30, 2024.

Short-term Debt

Short-term debt is comprised of drawings in various currencies on the Company’s committed revolving credit facilities and has a weighted average interest rate of 7.1% at June 30, 2024 (December 31, 2023: 5.4%).

Long-term Debt

a)Term Loans

During 2016, the Company entered into a credit agreement with a syndicate of lenders (as amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement is comprised of multicurrency revolving facilities (the “Revolving Facilities”) and the Term Loan A facility (the “TLA Facility”). The TLA Facility is comprised of a facility denominated in U.S. dollars (the “USD TLA Facility”) and a facility denominated in Canadian dollars (the “CAD TLA Facility”). The Credit Agreement matures on September 21, 2026.

On March 20, 2023, with the closing of the acquisition of IAA, the USD TLA Facility was funded for $1.8 billion and the existing delayed-draw term facility of CAD $115.9 million was refinanced and converted to the CAD TLA Facility. The TLA Facility loans

are subject to quarterly installments of 1.25% of principal, with the balance payable at maturity. During the six months ended June 30, 2024, the Company repaid $250.0 million of principal on the USD TLA Facility. As of June 30, 2024, there are no mandatory principal repayments remaining on the USD TLA Facility until maturity of the debt.

b)Senior Secured and Unsecured Notes

On March 15, 2023, the Company completed the offering of (i) $550.0 million aggregate principal amount of 6.750% senior secured notes due March 15, 2028 (the “Secured Notes”) and (ii) $800.0 million aggregate principal amount of 7.750% senior unsecured notes due March 15, 2031 (the “Unsecured Notes”, and together with the Secured Notes, the “Notes”). The gross proceeds of the Notes were used, along with the TLA Facility, to fund the acquisition of IAA. Interest on the Notes is payable in cash semi-annually in arrears on March 15 and September 15 of each year, and began on September 15, 2023. The Secured Notes are jointly and severally guaranteed on a senior secured basis and the Unsecured Notes are jointly and severally guaranteed on a senior unsecured basis by certain of the Company’s subsidiaries.