Company: CNDT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001677703-25-000029
Chunk: 119

Company: CONDUENT Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 119
---
 2024, the Company was in compliance with all debt covenants related to the Senior Credit Facilities. No mandatory debt prepayments were made as they were not required pursuant to the terms of the Credit Agreement.During 2024, the Company utilized a portion of the proceeds from the closing of its divestitures to voluntarily prepay all of the principal of the Term Loan B and $137 million of the Term Loan A. In connection with these voluntary prepayments, the Company wrote-off related debt issuance costs of $8 million which is included in Loss on extinguishment of debt in the Consolidated Statements of Income (Loss) for the year ended December 31, 2024.Senior NotesConcurrent with the Credit Agreement, on October 15, 2021, CBS and CSLS (collectively, the "Issuers") issued 6.00% fixed rate senior notes due 2029 ("Senior Notes"). The Senior Notes are guaranteed on a senior secured basis by the Company and existing and future material direct and indirect wholly owned domestic subsidiaries of CBS that guaranteed the obligations under the Senior Credit Facilities.Interest is payable semi-annually. Prior to November 1, 2024, the Issuers can redeem the Senior Notes, in whole or in part, at a price equal to the principal amount of the Senior Notes, plus a make-whole premium plus accrued and unpaid interest. The Issuers can redeem the Senior Notes, in whole or in part, at any time on or after November 1, 2024, at the redemption prices specified in the Indenture governing the Senior Notes, plus accrued and unpaid interest, if any, up to but excluding the redemption date. In addition, the Company may be required to make an offer to purchase the notes upon the sale of certain assets and upon a change of control. No Senior Notes were redeemed in 2024 or 2023.InterestInterest paid on short-term and long-term debt amounted to $72 million, $106 million and $84 million for the years ended December 31, 2024, 2023 and 2022, respectively. Interest expense and interest income were as follows: Year Ended December 31,(in millions)202420232022Interest expense $75 $111 $84 Interest income(1)23 18 7  ____________(1)Included in Other (income) expenses, net on the Consolidated Statements of Income (Loss).

Note 11 – Financial Instruments

The Company