Company: ALIT
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001809104-25-000062
Chunk: 115

Company: Alight, Inc. / Delaware
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 115
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 income tax examinations in its primary non-U.S. jurisdictions through 2021.

70

8. DebtDebt outstanding consisted of the following (in millions):Maturity DateDecember 31,2024December 31,2023Sixth Incremental Term Loans(1)August 31, 2028$2,025 $— Fifth Incremental Term Loans(2)August 31, 2028— 2,488 Secured Senior NotesJune 1, 2025— 306 $300 million Revolving Credit Facility, AmendedAugust 31, 2026— — Total debt, net2,025 2,794 Less: current portion of long-term debt, net(25)(25)Total long-term debt, net$2,000 $2,769 _______________________________________________________(1)The net balance for the Sixth Incremental Term Loans included unamortized debt issuance costs at December 31, 2024 of approximately $6 million. (2)The net balance for the Fifth Incremental Term Loans included unamortized debt issuance costs at December 31, 2023 of approximately $8 million. Term Loan In May 2017, the Company entered into a 7-year Initial Term Loan pursuant to a credit agreement (the “Credit Agreement”). During November 2017 and November 2019, the Company entered into Incremental Term Loans under identical terms as the Initial Term Loan. In August 2020, the Company entered into Amendment No. 5 to the Credit Agreement, which refinanced a portion of the Initial Term Loan by paying down $270 million of principal using the proceeds from the August 2020 Unsecured Senior Notes issuance, extending the maturity date on $1,986 million of the balance to October 31, 2026, and adding an interest rate floor of 50 bps (the "Amended Term Loan"). As part of the consideration transferred in the Business Combination, $556 million of principal was repaid on the portion of the Term Loan that was not amended. In August 2021, the Company entered into a new Third Incremental Term Loan facility for $525 million that matures August 31, 2028 pursuant to Amendment No. 6 to the Credit Agreement. In January 2022, the Company refinanced the Amended Term Loan and the Third Incremental Term Loan to have a concurrent maturity date of August 31, 2028 and updated interest rate