Company: CNDT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001677703-25-000029
Chunk: 117

Company: CONDUENT Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 117
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2024 Annual Report76

Long-term debt was as follows:December 31,(in millions)Weighted Average Interest Rates at December 31, 2024(1) 20242023Term loan A due 20269.37 %$88 $238 Term loan B due 2028— %— 505 Senior notes due 20296.20 %520 520 Revolving credit facility maturing 2026— %— — Finance lease obligations8.70 %26 22 Other3.98 %12 15 Principal Debt Balance $646 $1,300 Debt issuance costs and unamortized discounts(7)(18)Less: current maturities (24)(34)Total Long-term Debt$615 $1,248  ____________(1)Represents weighted average effective interest rate which includes the effect of discounts and debt issuance costs on issued debt. Scheduled principal payments due on long-term debt for the next five years (in millions) were as follows:20252026202720282029ThereafterTotal $24 $90 $5 $6 $521 $— $646 Credit FacilitiesOn October 15, 2021, the Company refinanced its previously outstanding credit facilities by entering into a new senior secured credit agreement among the Company, its subsidiaries Conduent Business Services, LLC ("CBS"), Conduent State & Local Solutions, Inc. ("CSLS") and Affiliated Computer Services International B.V., the lenders party thereto and Bank of America, N.A., as the administrative agent ("Credit Agreement"). The Credit Agreement contains senior secured credit facilities ("Senior Credit Facilities") consisting of:(i)    Senior Secured Term Loan A ("Term Loan A") with an aggregate principal amount of $265 million;(ii)    Senior Secured Term Loan B ("Term Loan B") with an aggregate principal amount of $515 million; and(iii)    Senior Revolving Credit Facility maturing 2026 ("Revolving Credit Facility") with an aggregate available amount of $550 million including a sub-limit for up to $300 million available for the issuance of letters of credit. As of December 31, 2024, the Company had no outstanding balance under its Revolving Credit Facility. However, the Company utilized $11 million of its Revolving Credit Facility capacity to issue letters of credit.