Long-Term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term and Other Debt

The following table reflects our outstanding debt (in order of priority and maturity):

	As of
	March 31, 2024								December 31, 2023
	Final Maturity	Rate(s)	Face Value		Unamortized debt discount/premium and deferred financing costs, net		Book Value		Book Value
Senior Secured Credit Facilities:
LNWI Revolver	2027	variable	$	—	$	—	$	—	$	—
LNWI Term Loan B	2029	variable	2,167		(26)		2,141		2,141
LNWI Senior Notes:
2028 Unsecured Notes	2028	7.000%	700		(6)		694		694
2029 Unsecured Notes	2029	7.250%	500		(5)		495		495
2031 Unsecured Notes	2031	7.500%	550		(7)		543		543
Other	—	—	1		—		1		1
Total long-term debt outstanding			$	3,918	$	(44)	$	3,874	$	3,874
Less: current portion of long-term debt							(22)		(22)
Long-term debt, excluding current portion							$	3,852	$	3,852
Fair value of debt(1)			$	3,963
(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.

LNWI Term Loan B Repricing

On January 16, 2024, we amended the LNWI Credit Agreement and reduced the applicable margin on the LNWI Term Loan B. Following the amendment, the interest rate for the Term Loan B is either (i) the Adjusted Term SOFR Rate (as defined in the LNWI Credit Agreement) plus 2.75% per annum or (ii) a base rate plus 1.75% per annum.

We were in compliance with the financial covenants under all debt agreements as of March 31, 2024 (for information regarding our financial covenants of all debt agreements, see Note 15 in our 2023 10-K).

For additional information regarding the terms of our credit facilities and Senior Notes, see Note 15 in our 2023 10-K.