moody's corporate default and recovery rates 2020 pdf moody's corporate default and recovery rates 2020 pdf

On Aug. 10, 2020, S&P Global Ratings lowered its long-term issuer credit rating on New York-based oil field service and drilling service provider UTEX Industries Inc. to 'D' from 'CCC' after the issuer opted for missing interest payments on its first-lien and second-lien notes. On Aug. 7, 2020, we lowered the issuer credit ratings to 'D' from 'SD' following GFamsa's bankruptcy filing in both Mexico and the U.S. On Dec. 12, 2020, we withdrew the issuer credit ratings on the company at its request. Infrastructure debt remained resilient during the pandemic - GI Hub For example, at the end of 2020, the one-year default rate among all financial entities was 0.23%, compared with 3.8% for all nonfinancial entities. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Likewise, it would be included in the 1989 and 1990 pools with the 'B' rating. Both segments were facing a decline in demand, made worse by the looming recession and coronavirus pandemic. On Aug. 26, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Virginia-based travel assistance provider KCIBT Holdings L.P. to 'SD' from 'CCC+' after the issuer deferred a cash interest payment on its second lien-term loan. Further, on Sept. 25, 2020, we lowered the issuer credit rating to 'SD' from 'CC' after the issuer announced it retired US$38.7 million principal of 2025 notes at below the price of US$575 per 1,000 principal. If these default rate forecasts crystalize, the pandemic induced default cycle will be relatively mild comparing with prior recessionary default cycles whose peaks ranged from 9.7% to 13.3%. The company will not make the interest payments within the 30-day grace period. For example, 10 companies rated 'A' at any point in their lifetimes (excluding initial ratings) defaulted within one year of receiving this rating. The one-year Gini in 2020 was well above the one-year weighted average (since 1981) Gini ratio of 82.8% and was higher than the median annual Gini ratio over the last 40 years of 85.7% (see table 2 and chart 30). The issuer submitted a prepackaged plan. Financial services companies are typically more sensitive to sudden declines in investor and stakeholder confidence than nonfinancial companies, which can contribute to a rapid decline in funding liquidity and credit quality. All of the 198 defaulters that were rated by S&P Global Ratings at the beginning of the year had speculative-grade ratings at that time. On Feb. 14, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Kansas-based Pizza Hut restaurants franchise operator NPC International Inc. to 'SD' from 'CCC-' after the company decided not to make interest payments due Jan. 31, 2020. For these counts of large downgrades, we include movements to 'D' (default) along with what we normally report as downgrades (that is, downward movements between active ratings). DDA's term loan waiver agreement is equivalent to a default, even though no legal default has occurred under the provisions of the term loan, because the timing of the payments was delayed relative to the terms of the original agreement. However, defaults from most other sectors increased as well. On March 19, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Singapore-based Geo Energy Resources Ltd. to 'SD' from 'B-' after the issuer completed debt buybacks. Earlier, on April 1, 2020, we lowered our issuer credit rating on Gavilan to 'CCC-' from 'CCC+' after the issuer drew the full amount on the US$200 million reserve-based lending facility, which was up for redetermination in April 2020. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. On May 21, 2020, S&P Global Ratings withdrew its ratings on the issuer. Reduced EBITDA amid the pandemic and oil price crisis in early 2020 stressed the operating performance of the issuer. On April 24, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Texas-based contract drilling services Diamond Offshore Drilling Inc. to 'D' from 'CC' after a review of market conditions for contract drilling services. On Nov. 25, 2020, S&P Global Ratings withdrew its rating at the issuer's request. On April 10, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Turkey-based household appliance manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S. to 'SD' from 'CCC+' after the issuer postponed a portion of its financial obligation due in June for three to six months. On July 20, 2020, S&P Global Ratings lowered its long-term issuer credit rating on North Carolina-based sock manufacturer Renfro Corp. to 'SD' from 'CCC-' after the issuer completed a distressed exchange. moody's probability of default table 2021 PDF NAIC - Supporting Insurance, Regulators, & Public Interest This caused high liquidity constraints for Hertz. The analysis excludes public information ("pi") ratings and ratings based on the guarantee of another company or government entity. 8-K: NETSCOUT SYSTEMS INC - MarketWatch If corporate ratings were perfectly rank ordered so that all defaults occurred only among the lowest-rated entities, the curve would capture all of the area above the diagonal on the graph (the ideal curve), and its Gini coefficient would be 1 (see chart 31). If the rating on an entity is withdrawn after the start date of a particular static pool and the entity subsequently defaults, we will include the entity in that static pool as a defaulter and categorize it in the rating category of which it was a member at that time. As one measure of ratings performance, the cumulative share of defaulters was plotted against the cumulative share of issuers by rating in a Lorenz curve to visually render the accuracy of its rank ordering (for definitions and methodology, refer to Appendix II). Globally, speculative-grade issuers constituted 50.3% of rated corporate issuers at the end of 2020, whereas at the end of 2019, speculative-grade ratings represented 49.9% of global ratings (see chart 22). Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro. Ratings On July 2, 2020, S&P Global Ratings withdrew its ratings on the issuer. On April 14, 2020, S&P Global Ratings withdrew the issuer credit rating at the issuer's request. Because errors, if any, are corrected by every new update and because the criteria for inclusion or exclusion of companies in the default study are subject to minor revisions as time goes by, it is not possible to compare static pools across different studies. We are expecting that the issuer will be able to generate sufficient cash for debt repayment, though times are challenging. At the time of the withdrawal, our 'D' rating reflected the nonpayment of the coupon on the $350 million Eurobond in April 2020 followed by a nonpayment of its mezzanine loan. The trailing-12-month and annual default rates have become standard measures, but default rates measured over shorter time frames give a more immediate picture of credit market conditions. Default Trends and Rating Transitions | Moody's The remaining SEK1,615 million was converted into new hybrid notes. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro. For instance, 92.9% of issuers rated 'A' at the beginning of 2020 were still rated 'A' by Dec. 31, 2020, whereas the comparable share for issuers rated 'B' was only 72%. On Aug. 17, 2020, S&P Global Ratings withdrew its ratings on the issuer. The issuer entered into a forbearance agreement for its term loan, which allowed it to defer the interest and principal payments for 30 days until April 30, 2020. On Oct. 15, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Spain-based private gaming service provider Codere S.A. to 'SD' from 'CCC' after the scheme of arrangement was approved by the courts, after 99.6% of creditors participating in the scheme voted in favor. The number of companies rated in the 'BBB' category has grown by 27% since the beginning of 2008, to roughly 1,847 at the end of 2020. On June 16, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Wisconsin-based small-engine manufacturer Briggs & Stratton Corp. to 'SD' from 'CCC-' after the issuer didn't make semiannual interest payments and used the grace period. S&P Forecast. Sovereign Default and Recovery Rates - Moody's Analytics This transaction was aimed at preserving liquidity as sales volume and operating income had been adversely affected by the pandemic. As 2020 wore on, default rates fell across most regions, with fourth-quarter figures generally less than half the rates in the second quarter. S&P Global Ratings Research conducts its default studies on the basis of groupings called static pools. On Sept. 16, 2020, S&P Global Ratings withdrew the issuer credit rating at the issuer's request. For this study, the Lorenz curve is plotted with the x-axis showing the cumulative share of issuers, arranged by rating, while the y-axis represents the cumulative share of defaulters, also arranged by rating. If the rating on the issuer was withdrawn in the middle of 1991, it would be included in the column representing transitions to NR in the 1991 transition matrix. These factors, combined with asset managers' growing tolerance for investing in lower-rated companies, leave just a handful of the highest-rated entities. We also incorporated the company's weak operating performance, negative cash flow generation, and near-term debt maturities. A key consideration when analyzing transition matrices that present averages computed over multiple static pools is that the standard deviations associated with each transition point in the matrix are large relative to the averages (outside of stability rates). On Aug. 30, 2020, Ohio-based automotive components manufacturer Shiloh Industries Inc. defaulted after the issuer filed for Chapter 11 of the U.S. Bankruptcy Code. On the same day, we withdrew the issuer ratings. On Jan. 13, 2021, we raised the issuer credit rating to 'CCC+' form 'SD' after the issuer retired a huge sum of principal in second half of 2020, approximately US$550 million by early December 2020. On July 23, 2020, S&P Global Ratings lowered its rating on the issuer to 'D' from 'CCC-' upon the company filing for Chapter 11 bankruptcy, following which, on Jan. 5, 2021, the ratings on the issuer were withdrawn. A majority of issuers have been rated speculative grade before--the first instance in July 2018--but the ratio has largely hovered around 50% since. (For a detailed explanation of our data sources and methodology, see Appendix I.). A missed or delayed disbursement of a contractually-obligated interest or principal payment (excluding missed payments cured within a contractually allowed grace period), as defined in credit agreements and indentures; 2. Moody's Default and Ratings Analytics team publishes Moody's default studies, ratings transitions and ratings performance studies for corporates, financial institutions, sovereign and sub-sovereign, public finance and infrastructure sectors. In return, the issuer agreed to a small increase in overall interest (cash interest plus PIK) for the first quarter. Earlier, on Dec. 5, 2019, we lowered the rating on the company to 'CCC+' from 'B' because it was facing heightened risk in addressing the US$550 million secured notes maturing in November 2022. The date S&P Global Ratings revised the rating(s) to 'D', 'SD', or 'R'; The date a distressed exchange offer was announced; or. PDF Moody's Analytics Default & Recovery Database (DRD): Frequently Asked to 'SD' from 'CCC+' after the company missed interest payment on its 510 million senior secured notes due November 2023. On Nov. 26, 2020, S&P Global Ratings lowered its long-term issuer credit rating on U.K.-based cinema operator Cineworld Group PLC to 'SD' from 'CCC-' following its distressed debt issuance transaction. The shareholder made an offer to purchase the remaining 2023 notes. However, reported average ultimate recoveries [2] included in our data set of unrated project finance bank loans remained stable at 76.8% (Moody's) for the period 1983-2020. Only in longer time frames do companies with higher original ratings surface among the defaulters. On Sept. 4, 2020, S&P Global Ratings lowered its long-term issuer credit rating on New York-based action sports apparel company Boardriders Inc. to 'SD' from 'CCC+' after the issuer completed a distressed transaction to increase its liquidity and fund operations. The issuer's financial and operational situation had worsened because of the coronavirus pandemic. (For details on the Gini methodology, refer to Appendix II.). We make our best effort to capture such defaults in the database, and we include an entity in the annual default rate calculations if it was rated as of Jan. 1 in the year of default. In a year marked by the worst economic contraction since the Great Depression, our ratings performed well, with all rated defaults in 2020 beginning the year with speculative-grade ratings. Through Dec. 31, 2020, 198 defaults have come from the 2020 pool of financial and nonfinancial companies, and 94% of these were from the lowest rating categories--'B' and lower. Earlier, on May 29, 2020, we lowered our ratings on BLY from 'CCC+' to 'CC' and placed them on CreditWatch with negative implications following the company's announcement of a proposal to convert the interest payments due on its senior secured notes in 2020 to PIK interest payments. In table 13, the times to default are from the date that each entity received each unique rating in its path to default. Before 2010, the majority of newly assigned European issuer credit ratings were investment grade, but since then, roughly 73.6% of newly assigned ratings have been speculative grade annually. The two upgrades are U.S.-based Noble Energy Inc. and Infor Inc. Companies that experience large downgrades are often outliers, especially in years of high credit stability. On Nov. 12, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Argentina-based diversified real estate company IRSA Inversiones y Representaciones S.A. to 'SD' from 'CC' following the settlement of a distressed exchange offer for 98.3% of its outstanding US$181.5 million series I 10.00% senior unsecured notes due Nov. 14, 2020. On Oct. 30, 2020, S&P Global Ratings raised the issuer credit rating to 'CCC+' from 'SD' following the completion of the distressed exchange. On May 14, we lowered the ratings on the issuer to 'D' after it filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code. Corporate Power; Enforceability : 35 : 3.3 : Company Board Approval; Fairness Opinion; Anti-Takeover Laws : 36 : . An obligor rated 'SD' (selective default) or 'D' (default) is in default on one or more of its financial obligations, including rated and unrated financial obligations but excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms. In 2020, speculative-grade rating categories had higher default rates than in 2019, with an increase in the 'BB' category to 0.93% from 0.00%, 'B' category to 3.5% from 1.5%, and 'CCC'/'C' category to 47.5% from 29.8% (see table 3). The issuer missed an interest payment of US$8 million on its senior convertible notes due in 2024. The negative outlook reflects our view of the company's unsustainable capital structure and heavy debt service burden, and our belief that Revlon could default on its debt obligations in the upcoming quarters. The average number of notches for an upgrade moved to 1.19 in 2020, while downgrades remained at an average of 1.46 notches--the highest rate since 2010 (when the average was 1.52 notches) (see chart 8). The Content is provided on an as is basis. The transaction was approved by 100% of lenders, and it provided the issuer with additional liquidity. On Aug. 19, 2020, we raised our issuer credit rating on Forum to 'CCC+' from 'SD' following the completion of its debt exchange for the majority of its 6.25% senior unsecured notes due 2021. This study--in line with previous default studies--confirms that over the long term (1981-2020), higher ratings are more stable than lower ratings. On July 23, 2020, S&P Global Ratings raised the rating on the issuer to 'CCC-' from 'SD', as the new priming loan is at a senior collateral position relative to the existing debt. The one-year Gini ratio remained high in 2020, at 86.1% (see chart 3). On May 5, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Luxembourg-based e-learning/training content software provider Evergreen Skills Lux S.ar.l. Our data on defaulted corporate issuers globally shows that defaults among speculative-grade entities tend to be clustered in the third year after the initial rating, particularly in the 'B' rating category (see chart 9). The downgrade followed BLY's conversion of the June 2020 and December 2020 interest payments due on its senior secured notes to payment-in-kind (PIK) interest from cash interest. Earlier, on Feb. 9, 2020, we lowered the issuer credit rating on Speedcast to 'CCC' from 'B-' after the issuer announced lower 2019 earnings, which intensified pressure on the group's liquidity. The new notes are in a payment favorable position. (PDF) Moody corporate default risk - Academia.edu The status of the issuer's subsidiary, Anagram International, is changed to unrestricted subsidiary, which raised another US$110 million of secured debt. We calculated annual default rates for each static pool, first in units and later as percentages with respect to the number of issuers in each rating category. We consider the exchange distressed and tantamount to default because, in our view, the transaction offers less than the original promise for the security. The depressed commodity prices, the company's liquidity position, and the ongoing capital needs to maintain production were the main factors behind the decision. S&P Global Ratings lowers its rating on an obligor to 'D' or 'SD' if the obligor is conducting a distressed exchange offer. On Jan. 8, 2021, S&P Global Ratings withdrew its issuer credit rating. On Nov. 17, 2020, S&P Global Ratings raised the issuer credit rating to 'CCC+' from 'SD' on lower refinancing risk. This included two main components: first, the conversion of about 1,234 million of debt into a new 574 million facility and 660 million of equity on Sept. 22, 2020, and second, the issuance of 457 million of new debt to repay the US$110 million J.P. Morgan bridge facility and to support Technicolor's liquidity needs, undertaken in July and September 2020. Corporate Defaults Slow, Lifting Debt Market - WSJ Loan loss charges also retreated to well below management's earlier guidance to 117 million (Q3 2020: 273 million) or 10 basis S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. Others are withdrawn because of a lack of cooperation, particularly when a company is experiencing financial difficulties and refuses to provide all the information needed to continue surveillance on the ratings, or at the entity's request. On May 4, 2020, we raised the credit ratings to 'CCC' from 'SD' after the reduction of debt by approximately US$329 million. Earlier, on April 10, 2020, we lowered the rating on the issuer to 'CC' from 'CCC-' after it was unable to obtain mezzanine debt lenders' consent to extend the loan and had insufficient liquidity. On Dec. 9, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Tennessee-based health care services provider Community Health Systems Inc. to 'SD' from 'CC'. On Sept. 28, 2020, S&P Global Ratings lowered its long-term issuer credit rating on French trade show organizer Cassini SAS to 'D' from 'CCC' after the issuer entered into safeguard procedures because of losses caused by COVID-19-related show cancellations and postponements. On Dec. 22, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Pennsylvania-based high-availability infrastructure and disaster recovery services provider Sungard AS New Holdings LLC to 'SD' from 'B-'. One-year Gini coefficients appear to be broadly cyclical and negatively correlated with default rates (see chart 30). We expect the company will not be able to pay most of its obligations as they come due, unless a major debt restructuring it is working on allows it to extend major debt maturities, including the $350 million Eurobond repayment due in September 2021. Some countries can be included in multiple regions, and S&P Global Ratings does not have corporate ratings within every country. The U.S. has the largest number of rated corporate issuers, accounting for roughly 45.9% of the global total at the start of 2020. US$110 million floating rate first-lien bank loan due Dec. 17, 2020, US$872 million floating rate first-lien TL B2 bank loan due April 21, 2024, US$75 million floating rate revolver bank loan due April 21, 2022, US$215 million floating rate second-lien term bank loan due April 21, 2025, US$306.5 million floating rate term bank loan due Nov. 2, 2020, US$740 million floating rate first-lien term loan B bank loan due Dec. 5, 2023, 225 million floating rate notes due Aug. 1, 2022, 375 million 6.50% notes due Aug. 1, 2023, 65 million floating rate first-lien guaranteed bank loan due July 27, 2022, US$300 million 7.25% bonds due Feb. 22, 2020, US$300 million 6.40% bonds due July 10, 2021, US$250 million 7.875% bonds due March 22, 2021, CNY1 billion 7.20% bonds due Dec. 20, 2022, CNY600 million 7.08% bonds due Oct. 8, 2022, US$95 million variable rate bank loan due Aug. 4, 2020, US$350 million 8.25% notes due Jan. 25, 2020, US$112.308 million 8.00% notes due Jan. 20, 2022, 85 million variable-rate revolving credit facility bank loan due June 13, 2020, 55 million variable-rate second-lien bank loan due June 13, 2022, 460 million variable-rate bank loan due July 13, 2021, 160 million variable-rate bank loan due April 9, 2020, US$750 million variable-rate bank loan due April 9, 2020, US$290 million variable-rate (outstanding amount US$160 million) bank loan due Oct. 9, 2020, US$300 million 9.00% senior secured second-lien notes due Nov. 15, 2020, US$336 million floating rate first-lien term bank loan due Nov. 15, 2021, US$210 million 9.00% notes due May 15, 2023, US$1.15 billion floating rate term B bank loan due Nov. 12, 2020, US$640 million first-lien guaranteed senior secured asset-based revolver, US$100 million 7.15% debenture due Nov. 1, 2027, US$300 million 6.875% debenture due March 15, 2029, US$310 million 9.00% notes due July 15, 2026, US$268 million 6.875% debenture due July 15, 2031, US$157 million 7.795% second-lien guaranteed secured due July 15, 2030, 300 million 7.75% notes due Feb. 15, 2023, 200 million floating rate bank loan due Feb. 11, 2021, 60 million floating rate bank loan due Feb. 11, 2021, US$655 million floating rate first-lien term bank loan due April 19, 2024, US$100 million floating rate revolver bank loan due April 20, 2022, US$160 million floating rate second-lien term bank loan due April 18, 2025, US$35 million super-priority term bank loan due Jan. 21, 2021, US$200 million floating rate term B bank loan due April 30, 2021, US$440 million 7.00% guaranteed notes due June 12, 2020, CNY2 billion 6.2% debenture due July 30, 2020, CNY1 billion 7.00% notes due Sept. 28, 2020, CNY2 billion 7.5% debenture due Nov. 13, 2020, CNY1 billion 7.5% debenture due Jan. 18, 2021, CNY1 billion 7.85% notes due March 23, 2021, CNY1.5 billion 7.5% notes due June 13, 2021, CNY3.5 billion 7.8% debenture due July 25, 2021, CNY2.6 billion 8.18% debenture due Sept. 4, 2021, CNY900 million 8.18% debenture due Oct. 25, 2021, CNY500 million 6.8% debenture due March 13, 2022, CNY2.5 billion 6.55% debenture due March 13, 2022, US$165 million floating rate first-lien term bank loan due March 1, 2023, US$45 million floating rate second-lien term bank loan due March 1, 2024, US$20 million floating rate revolver bank loan due March 1, 2022, US$650 million 8.50% notes due June 15, 2026, US$120 million second-lien 10.875% notes due March 15, 2026, C$335 million first-lien senior secured revolver due June 1, 2022, US$280 million floating rate first-lien term bank loan due Jan. 31, 2021, US$110 million floating rate second-lien term bank loan due Jan. 31, 2022, US$250 million 6.125% senior notes due March 15, 2022, US$175 million floating rate term B bank loan due Nov. 8, 2022, US$200 million first-lien senior secured asset-based revolver due July 10, 2020, US$579 million first-lien guaranteed senior secured term B due Nov. 7, 2020, US$1.8 billion floating rate term loan bank loan due Aug. 21, 2022, US$225 million 8.625% notes due June 1, 2021, US$50 million 8.40% debenture due Oct. 15, 2029, US$100 million 7.68% debenture due Oct. 1, 2034, US$125 million 7.45% debenture due July 1, 2035, US$150 million 7.00% debenture due Nov. 1, 2025, US$100 million 6.80% debenture due Aug. 15, 2026, US$200 million 7.05% debenture due Oct. 1, 2046, US$1.095 billion 9.00% senior notes due Aug. 15, 2031, US$400 million 7.875% senior notes due Jan. 15, 2027, US$1.1 billion 8.50% senior notes due April 15, 2020, US$500 million 8.75% notes due April 15, 2022, US$500 million 9.25% senior unsecured notes due July 1, 2021, US$800 million 7.125% senior unsecured notes due Jan. 15, 2023, US$750 million 7.625% senior unsecured notes due April 15, 2024, US$775 million 6.25% senior notes due Sept. 15, 2021, US$775 million 6.875% senior notes due Jan. 15, 2025, US$1.5 billion floating rate delayed draw term A bank loan due March 31, 2021, US$1 billion 8.875% notes due Sept. 15, 2020, US$3.6 billion 11.00% notes due Sept. 15, 2025, US$2 billion 10.50% notes due Sept. 15, 2022, US$315 million floating rate term bank loan due Oct. 12, 2021, US$850 million floating rate revolver bank loan due Feb. 27, 2024, US$1.74 billion floating rate Term B-1 bank loan due June 15, 2024, US$1.6 billion second-lien notes due April 1, 2026, US$1.65 billion 8.00% first-lien notes due April 1, 2027, US$200 million 6.75% debenture series F due May 15, 2027, US$93.45 million 6.75% debenture series F due May 15, 2027, US$300 million 6.86% debenture series E due Feb. 1, 2028, US$24 million 6.86% debenture series E due Feb. 1,2028, US$200 million 6.73% debenture series G due Feb. 15, 2028, US$10 million 6.73% debenture series G due Feb. 15, 2028, US$100 million 8.50% first mortgage bond due Nov. 15, 2031, US$435 million floating rate first-lien term bank loan due April 6, 2022, US$35 million revolver bank loan due Oct. 6, 2021, US$300 million 8.00% notes due Oct. 4, 2022, US$800 million floating rate first-lien term bank loan due Feb. 1, 2024, US$230 million floating rate second-lien term bank loan due Jan. 31, 2025, US$300 million 6.95% notes due April 19, 2020, US$224 million 10% step-up notes due March 27, 2022, US$175 million second-lien term bank loan due Sept. 29, 2021, US$100 million first-lien senior secured term bank loan due Sept. 29, 2020, US$380 million floating rate term B bank loan due Sept. 29, 2020, US$220 million floating rate term bank loan due March 19, 2021, US$2.4 billion bank loan due April 12, 2023, US$1.2 billion 5.75% notes due March 15, 2021, US$750 million 6.25% notes due April 1, 2023, US$1 billion convertible due April 1, 2020, US$173.914 million 5.75% convertible notes due 2021, US$162.962 million 6.25% convertible notes due 2023, US$750 million 6.625% senior notes due Jan. 15, 2026, US$375 million floating rate term loan B bank loan due Feb. 28, 2023, US$215 million first-lien guaranteed senior secured revolver bank loan due March 31, 2022, US$375 million 7.25% notes due May 15, 2021, US$535 million 9.875% notes due April 1, 2022, US$400 million 9.625% notes due April 1, 2023, US$815 million floating rate first-lien term bank loan due July 8, 2022, US$150 million floating rate second-lien term bank loan due July 10, 2023, US$120 million floating rate revolver bank loan due June 30, 2022, US$600 million floating rate term bank loan due Dec. 21, 2020, US$80 million floating rate revolver bank loan due May 15, 2023, US$195 million floating rate second-lien term bank loan due May 15, 2026, US$660 million floating rate first-lien term bank loan due May 15, 2025, US$450 million floating rate second-lien bank loan due March 1, 2024, US$350 million first-lien senior secured revolver bank loan due March 1, 2022, US$25.5 million floating rate revolver bank loan due Dec. 31, 2020, US$310 million floating rate first-lien term bank loan due June 30, 2021, US$110 million floating rate second-lien term bank loan due June 30, 2022, US$62.5 million floating rate revolver bank loan due April 29, 2021, US$880 million floating rate term B bank loan due April 29, 2022, US$600 million floating rate bank loan due May 15, 2025, US$100 million first-lien guaranteed senior secured revolver bank loan due May 15, 2023, US$30 million floating rate revolving bank loan due Aug. 27, 2020, US$185 million floating rate second-lien term bank loan due Nov. 29, 2021, US$470 million floating rate first-lien term bank loan due Nov. 27, 2020, US$650 million 7.125% senior unsecured notes due Nov. 1, 2020, US$600 million 7.375% senior unsecured notes due Nov. 1, 2021, US$707.6 million 12.00% notes due Oct. 1, 2024, US$300 million floating rate revolver bank loan due Sept. 30, 2021, US$450 million 8.75% senior notes due Oct. 15, 2023, US$312.5 million floating rate term B bank loan due Sept. 30, 2022, US$400 million 5.95% sukuk due Nov. 21, 2023, US$2 billion 7.75% senior unsecured notes due June 1, 2021, US$1 billion 8.125% senior notes due June 1, 2023, US$750 million 12.50% senior notes due April 1, 2022, US$1 billion senior notes due Feb. 28, 2023, US$2.2 billion 7.25% guaranteed notes due Oct. 15, 2020, US$1.15 billion 7.50% guaranteed senior notes due April 1, 2021, US$2 billion 5.50% senior guaranteed notes due Aug. 1, 2023, US$490 million 9.50% senior notes due 2022, US$1.8 billion 9.75% senior notes due July 15, 2025, US$2 billion floating rate term B-3 bank loan due Nov. 27, 2023, US$395 million floating rate B-4 bank loan due Jan. 2, 2024, US$700 million 6.625% B-5 bank loan due Jan. 2, 2024, US$403 million 12.5% senior unsecured notes due Nov. 15, 2024, RUB15 billion 13.00% notes due Oct. 2, 2020, US$350 million 8.25% notes due Sept. 27, 2021, US$355 million 7.00% notes due Jan. 29, 2021, US$150 million 6.00% notes due May 18, 2021, US$275 million 7.125% debenture due Nov. 15, 2023, US$500 million 7.625% debenture due March 1, 2097, US$400 million 7.40% debenture due April 1, 2037, US$700 million 6.375% senior notes due Oct. 15, 2036, US$400 million 5.65% senior notes due June 1, 2020, US$1.2 billion unsecured credit facility bank loan due April 7, 2010, US$1.688 billion floating rate term bank loan due June 23, 2023, US$500 million 5.875% senior notes due July 1, 2023, US$400 million 8.625% second-lien notes due March 15, 2025, US$2.35 billion asset-based revolver due June 20, 2022, US$800 million floating rate first-lien term bank loan due May 14, 2026, US$75 million floating rate revolver bank loan due May 14, 2024, US$225 second-lien secured bank loan due April 14, 2027, US$700 million 6.875% senior notes due 2022, US$500 million 7.125% senior notes due 2025, US$975 million floating rate RBL term bank loan due April 12, 2024, US$400 million floating rate revolver bank loan due Jan. 12, 2022, US$572 million 9.00% cash/2.00% pay-in-kind second-lien notes due July 12, 2024, US$174 million floating rate first-lien term loan bank loan due Sept. 15, 2022, US$35 million floating rate revolver bank loan due Sept. 15, 2022, US$50 million floating rate second-lien term loan bank loan due Sept. 15, 2023, US$125 million 7.125% senior debenture due June 1, 2028, US$550 million 8.00% second-lien notes due April 25, 2024, US$730.534 million 8.00% third-lien notes due Oct. 25, 2024, US$497.849 million 8.75% third-lien notes due Oct. 25, 2024, US$2.775 billion floating rate extended bank loan due Oct. 25, 2023, US$12.697 million floating rate term bank loan due Oct. 25, 2020, US$960 million 8.00% cash pay notes due Oct. 15, 2021, US$600 million 8.75% pay-in-kind toggle notes due Oct. 15, 2021, US$200 million floating rate revolver bank loan due Nov. 1, 2021, US$550 million 7.125% second-lien notes due Nov. 1, 2022, US$500 million 5.70% senior notes due Oct. 15, 2039, US$750 million 4.875% senior unsecured notes due Nov. 1, 2043, US$250 million 3.45% senior unsecured notes due Nov. 1, 2023, US$1.4 billion unsecured revolver bank loan due Oct. 22, 2020, US$500 million 7.875% senior notes due Aug. 15, 2025, US$950 million floating rate revolver bank loan due Oct. 2, 2023, US$300 million 10.50% notes due May 16, 2022, US$5.45 billion floating rate first-lien term bank loan due Oct. 10, 2025, US$300 million floating rate revolving bank loan due Oct. 11, 2023, US$1.225 billion 8.75% notes due Oct. 15, 2026, US$525 million senior unsecured term bank loan due Oct. 11, 2026, US$550 million asset-based revolver due Oct. 11, 2023, US$210 million floating rate second-lien term bank loan due July 3, 2021, US$850 million floating rate first-lien term bank loan due July 3, 2020, US$125 million asset-based revolver bank loan due July 3, 2020, US$350 million 7.875% notes due Oct. 15, 2021, A$150 million 8.25% medium-term notes due May 30, 2023, A$250 million 8.075% medium-term notes senior second due March 5, 2024, US$425 million 8.125% callable notes due Nov. 15, 2024, A$325 million 8.00% senior unsecured notes due Nov. 26, 2024, US$250 million 13.00% senior notes due Sept. 15, 2021, US$1.567 billion floating rate term loan B bank loan due March 5, 2021, US$375 asset based revolver first-lien guaranteed senior secured due Nov. 17, 2021, US$1.365 billion floating rate first-lien term bank loan due April 28, 2021, US$80 million floating rate revolving bank loan due Oct. 28, 2020, US$670 million floating rate second-lien term bank loan due April 28, 2022, US$500 million 7.375% senior notes due Jan. 15, 2021, US$500 million 6.25% senior notes due Oct. 15, 2022, US$700 million 5.875% senior notes due Oct. 15, 2020, US$700 million floating rate term loan B due June 30, 2023, US$1.7 billion floating rate revolver bank loan due June 30, 2021, US$500 million 5.50% senior notes due 2024, US$1.25 billion 7.625% second-lien notes due June 1, 2022, US$500 million 7.125% notes due Aug. 1, 2026, US$900 million 6.00% notes due Jan. 15, 2028, 225 million 4.125% senior notes due Oct. 15, 2021, US$250 million 7.00% senior unsecured notes due Jan. 15, 2028, US$200 million first-lien senior secured revolver due June 30, 2021, US$650 million 7.25% second-lien notes due May 1, 2022, ZAR500 unsecured revolver bank loan due Nov. 13, 2020, US$550 million 8.375% notes due May 10, 2020, US$550 million 9.00% notes due May 10, 2023, US$495 million floating rate first-lien bank loan due Aug. 18, 2022, US$517.5 million floating rate second-lien term bank loan due April 11, 2023, US$1.143 billion floating rate first-lien term bank loan due April 11, 2022, US$500 million 5.75% senior unsecured notes due Feb. 15, 2021, US$1.8 billion floating rate term B bank loan due Sept. 7, 2023, US$200 million first-lien guaranteed senior secured term loan due Aug. 6, 2023, US$400 million first-lien guaranteed senior secured term loan due Sept. 7, 2021, US$155 million floating rate first-lien term bank loan due July 28, 2021, US$100 million floating rate revolver bank loan due March 29, 2024, US$600 million 5.625% senior notes due Feb. 01, 2026, US$950 million reserve-based revolver first-lien guaranteed senior secured due Aug. 16, 2022, US$400 million 6.25% notes due Oct. 1, 2021, US$300 reserve-based revolver first-lien guaranteed senior secured due July 1, 2021, US$400 million 6.875% bonds due Feb. 1, 2027, US$350 million variable-rate notes due 2027, 225 million floating rate notes due Nov. 15, 2023, 285 million 5.375% notes due Nov. 15, 2023, US$270 million 10.50% notes due Feb. 15, 2023, US$285 million senior secured notes due Oct. 15, 2025, US$1.011 billion floating rate first-lien bank loan due March 8, 2024, US$200 million floating rate second-lien bank loan due Sept. 6, 2024, US$150 million floating rate revolver bank loan due March 8, 2022, US$1.045 billion floating rate term B bank lien due April 16, 2021, US$400 million 5.375% senior notes due Jan. 15, 2026, US$500 million 6.875% senior notes due 2027, US$127.073 million 8.00% second-lien notes due Jan. 6, 2025, US$700 million RBL first-lien guaranteed senior secured due April 5, 2023, US$635 million 9.50% notes due Oct. 21, 2021, US$318 million 5.00% payment-in-kind notes due April 15, 2022, US$35 million 10.00% first-lien notes due May 15, 2022, 360 million 8.00% callable notes due May 15, 2022, US$650 million 6.625% senior unsecured notes due May 15, 2021, US$425 million first-lien guaranteed senior secured revolver due Oct. 18, 2023, US$500 million 7.25% senior notes due June 9, 2020, US$700 million 6.875% notes due April 11,2024, US$600 million 7.00% notes due March 1, 2026, US$275 million first-lien senior secured delayed draw term loan due June 29, 2021, US$80.922 million 9.75% notes due Dec. 15, 2024, US$250 million 7.25% notes due June 1, 2020, MXN1000 unsecured term loan due June 21, 2025, US$400 million 6.20% senior notes due Aug. 1, 2040, US$500 million senior notes due Aug. 1, 2020, US$400 million 4.625% senior hybrid due March 1, 2021, US$400 million 6.05% senior hybrid due March 1, 2041, US$400 million 3.95% notes due March 15, 2022, US$500 million 5.25% notes due March 15, 2042, US$450 million 5.95% senior notes due April 1, 2025, US$400 million 6.95% senior notes due April 1, 2045, US$1 billion 7.75% senior notes due Jan. 15, 2024, US$750 million 7.875% senior notes due Feb. 1, 2026, US$150 million 7.20% debt due Nov. 15, 2027, US$750 million 3.00% exchangeable senior notes due Jan. 31, 2024, US$500 million 4.875% senior notes due June 1, 2022, US$400 million 5.40% notes due Dec. 1, 2042, US$400 million 4.75% senior notes due Jan. 15, 2024, US$400 million 5.85% senior notes due Jan. 15, 2044, US$1.5 billion floating rate revolver bank ln due Jan. 23, 2021, US$1.5 billion 4.70% notes due March 15, 2021, US$625 million senior notes due Oct. 1, 2024, US$1.025 billion 5.75% senior notes due Oct. 1, 2044, US$700 million 5.20% senior notes due March 15, 2025, US$500 million 8.00% senior notes due Jan. 31, 2024, US$1 billion 7.75% senior notes due Feb. 1, 2026, US$290 million floating rate first-lien term bank loan due Aug. 23, 2022, US$75 million floating rate second-lien term bank loan due Aug. 23, 2023, US$30 million floating rate revolver bank loan due Aug. 23, 2021, US$500 million 8.00% senior notes due 2022, US$850 million floating rate term bank loan due May 30, 2025, US$120 million floating rate revolver bank loan due May 31, 2023, US$155 million A-2 term bank loan due May 9, 2025, US$25 million A-3 term bank loan due May 9, 2025, US$142.913 million floating rate B term bank loan due May 10, 2024, US$25 million floating rate A-1 term bank loan due May 9, 2025, US$35 million floating rate revolver bank loan due 2022, US$460 million floating rate first-lien bank loan due March 31, 2023, US$735 million 9.875% notes due July 15, 2021, US$275 million 8.50% first-lien notes due April 15, 2021, US$60 million floating rate ABL revolver bank loan due Jan. 14, 2021, US$500 million 6.75% senior unsecured notes due 2026, US$500 million 6.625% senior notes due Jan. 15, 2027, US$447 million 10.00% notes due Jan. 15, 2025, US$500 million 5.00% senior unsecured notes due Jan. 15, 2024, US$172.5 million 1.5% senior unsecured notes due July 1, 2021, US$1.1 billion first-lien senior secured reserve-based revolver due Sept. 28, 2023, C$158 million 10.50% first-lien senior notes due Dec. 15, 2021, US$225 million 6.875% senior notes due Dec. 15, 2020, US$350 million 7.25% senior notes due Aug. 15, 2022, US$400 million 7.50% notes due April 1, 2025, US$155.529 million 10.00% second-lien notes due April 1, 2026, US$35 million first-lien guaranteed senior secured asset-based revolver due June 19, 2023, US$500 million 6.50% notes due May 1, 2021, US$475 million 6.75% senior unsecured notes due Jan. 15, 2022, US$500 million 6.75% senior notes due 2023, US$700 million 10.00% first-lien notes due April 15, 2025, US$357 million 8.625% senior notes due June 15, 2020, US$35 million floating rate revolver bank loan due May 18, 2022, US$455 million floating rate term bank loan due May 20, 2024, US$905 million floating rate first-lien term B bank loan due Oct. 20, 2023, US$225 million floating rate second-lien term bank loan due May 21, 2024, US$500 million 6.875% senior notes due Nov. 15, 2020, US$1.4 billion 6.625% senior notes due Aug. 15, 2020, US$1 billion 6.125% senior notes due Feb. 15, 2021, US$700 million 5.375% unsecured notes due June 15, 2021, US$1.1 billion 5.75% unsecured notes due March 15, 2023, US$1.5 billion 4.875% senior notes due April 15, 2022, US$1.25 billion 5.50% senior convertible due Sept. 15, 2026, US$1.05 billion 8.00% senior notes due Jan. 15, 2025, US$1.3 billion 8.00% notes due June 15, 2027, US$400 million 7.50% callable notes due Jan. 10, 2026, US$850 million 7.00% callable notes due Jan. 10, 2024, US$918.514 million 8.00% a/o US$45.685 ($873MM exchanged for notes due to 2025) notes due March 15, 2026, US$2.21 billion 11.50% second lien notes due Jan. 1, 2025, US$1.5 billion floating rate first-lien last out term A bank loan due June 23, 2024, US$3.0 billion first-lien guaranteed senior secured reserve based revolver due Sept, 12, 2023, US$175 million floating rate first-lien bank loan due Jan. 20, 2021, US$50 million floating rate second-lien bank loan due Jan. 20, 2022, US$20 million floating rate revolver bank loan due Dec. 30, 2020, US$88 million 7.00% senior notes due Dec. 31, 2022, US$200 million 10.00% senior secured notes due Dec. 31, 2022, US$92 million sub notes due Dec. 31, 2022, US$105 million second-lien guaranteed secured payment-in-kind term B due Dec. 31, 2022, US$1.95 billion floating rate first-lien term bank loan due Nov. 8, 2023, US$450 million floating rate second-lien term bank loan due Nov. 8, 2024, US$300 million 5.50% senior notes due Aug. 15, 2022, US$500 million 5.75% senior notes due April 15, 2025, US$300 million floating rate bank loan due May 13, 2022, US$1.25 billion first-lien guaranteed senior secured bank loan due May 13, 2022, US$28 million first-lien guaranteed senior secured bank loan due March 31, 2021, US$100 million floating rate revolver bank loan due Aug. 28, 2022, US$979.33 million floating rate term loan B-2 bank loan due March 31, 2021, US$275 million floating rate FILO bank loan due Dec. 31, 2022, US$287 million 1.5% senior unsecured notes due Aug. 15, 2020, US$255 million 8.00% senior notes due Feb. 15, 2022, US$760 million floating rate first-lien term B bank loan due Aug. 30, 2026, US$114 million floating rate revolver bank loan due Aug. 30, 2024, US$625 million 9.75% second-lien notes due Nov. 1, 2023, US$1.65 billion floating rate term bank loan due June 1, 2025, US$1.75 billion 5.50% senior notes due Sept. 15, 2021, US$1 billion revolver bank loan due June 30, 2021, US$1 billion term bank loan due June 30, 2021, US$2.25 billion 6.00% senior notes due Nov. 15, 2024, US$2.25 billion 8.00% second-lien bank note due Dec. 15, 2022, US$1.3 billion floating rate first-lien second-out term bank loan due Dec. 31, 2021, US$1.3 billion floating rate term B bank loan due 2022, US$400 million 7.00% notes due Feb. 5, 2025, US$400 million 7.875% notes due June 30, 2022, US$400 million 6.375% senior notes due Aug. 15, 2021, US$1.2 billion 4.625% senior sub notes due July 15, 2023, US$1.25 billion 5.50% senior notes due May 1, 2022, US$3.5 billion revolving bank loan due Dec. 9, 2021, US$615.1 million 9.00% second-lien notes due May 15, 2021, US$455.7 million 9.25% second-lien notes due 2022, US$400 million second-lien notes due 2024, US$528.026 million 7.75% second-lien notes due Feb. 15, 2024, US$245 million senior unsecured notes due Dec. 31, 2024, US$250 million 11.25% senior notes due Jan. 1, 2023, US$500 million reserve-based revolver due Nov. 15, 2023, US$600 million 7.00% senior notes due July 1, 2022, US$900 million floating rate term B-2 bank loan due April 9, 2025, US$150 million 10.75% notes due Aug. 30, 2021, US$240 million 6.95% notes due April 13, 2024, US$600 million 4.75% senior unsecured notes due June 1, 2021, US$600 million senior secured revolver due March 29, 2024, US$300 million 8.75% senior notes due July 15, 2023, US$750 million reserve-based revolver exit due Dec. 21, 2022, US$300 million second-lien second term loan due March 7, 2023, US$2.9 billion term loan B bank loan due Feb. 21, 2021, US$209.9 million floating rate term B bank loan due March 31, 2021, US$20.2 million floating rate priming term bank loan due Feb. 12, 2021, US$85 million floating rate revolver bank loan due Jan. 6, 2022, US$500 million floating rate term bank loan due Jan. 6, 2023, US$82.5 million 2.75% senior unsecured convertible notes due Feb. 15, 2023, US$60 million floating rate revolver bank loan due Dec. 15, 2022, US$35 million floating rate delayed draw term B bank loan due Dec. 15, 2024, US$560 million floating rate term B bank loan due Dec. 15, 2024, US$88 million floating rate ABL revolver bank loan due Aug. 16, 2021, US$175 million floating rate second-lien term bank loan due Feb. 16, 2024, US$654.039 million floating rate first-lien term bank loan due Aug. 16, 2023, US$25 million floating rate revolver bank loan due April 27, 2024, US$258 million floating rate first-lien term bank loan due April 27, 2024, 130 million 9.50% notes due Jan. 31, 2024, 350 million 6.75% first-lien callable notes due Jan. 31, 2023, 25 million 16.50% notes due July 25, 2022, US$725 million 8.00% notes due July 25, 2022, US$400 million 7.00% bonds due Feb. 16, 2025, US$560 million 9.50% notes due June 25, 2033, US$400 million 9.50% notes due Jan. 14, 2033, US$600 million 5.75% senior sub notes due June 15, 2025, 500 million 6.375% senior notes due Nov. 15, 2024, US$595 million 5.875% senior notes due 2026, US$475 million 6.125% notes due May 15, 2027, US$225 million floating rate revolving facility bank loan due April 22, 2024, US$2 billion floating rate initial B-1 term bank loan due April 22, 2026, US$500 million 10.50% first-lien notes due April 15, 2025, US$1.46 billion 12.00% second-lien notes due June 15, 2026, US$200 million 10.50% first-lien notes due April 24, 2026, US$600 million 2.95% senior unsecured notes due Sept. 15, 2024, US$100 million first lien senior secured revolver due Feb. 14, 2022, 200 million 8.625% notes due Aug. 1, 2022, 465 million 6.625% notes due Aug. 1, 2021, US$100 million 7.45% notes due April 15, 2027, US$200 million 8.00% debt due April 15, 2027, US$600 million 7.50% senior notes due April 15, 2031, US$0 million 6.80% senior notes due March 15, 2038, US$900 million 6.50% senior notes due Nov. 15, 2020, US$1.2 billion 6.375% senior notes due 2021, US$300 million 7.35% senior notes due 2041, US$750 million variable/fixed rate senior unsecured notes due Oct. 15, 2022, US$1.25 billion 9.00% senior notes due 2023, US$1.36 billion floating rate revolving bank ln due June 22, 2023, US$750 million 7.25% senior notes due Dec. 31, 2025, US$300 million 7.00% notes due June 1, 2028, US$600 million 7.75% senior secured notes due Oct. 15, 2024, US$625 million 6.25% senior notes due Dec. 1, 2024, US$750 million 5.875% notes due Jan. 15, 2024, US$600 million 6.125% notes due Aug. 1, 2025, US$550 million 6.875% notes due Feb. 1, 2027, US$500 million 5.375% notes due May 15, 2023, US$863.179 million senior unsecured convertible notes due Jan. 30, 2023, US$237.993 million senior unsecured convertible notes due Jan. 30, 2027, US$542 million floating rate first-lien term bank loan due May 24, 2021, US$200 million second-lien term bank loan due May 23, 2022, US$400 million 7.25% notes due Feb. 15, 2021, US$291.97 million 11.50% second-lien notes due Feb. 28, 2025, US$53.75 million 10.00% first-lien notes due Feb. 29, 2024, US$127.5 million guaranteed senior unsecured PIK term loan due Feb. 28, 2021, US$435 million 7.50% senior secured notes due Aug. 1, 2021, US$395 million floating rate first-lien term B bank loan due June 1, 2024, US$140 million floating rate second-lien term bank loan due June 1, 2025, US$65 million floating rate first-lien revolving bank loan due June 1, 2022, US$325 million floating rate term B bank loan due Nov. 15, 2020, US$15 million floating rate revolver bank loan due 2020, US$60 million 6.00% secured notes due Sept. 26, 2023, US$450 million floating rate first-lien term bank loan due April 8, 2024, US$286 million term B-2 bank loan due April 23, 2024, US$45 million term A bank loan due Oct. 23, 2023, US$80 million term B-1 bank loan due April 23, 2024, US$325 million floating rate first-lien term bank loan due March 20, 2024, US$135 million 9.50% notes due June 1, 2023, 250 million 9.00% notes due Feb. 15, 2025, 410 million 5.25% notes due Aug. 15, 2024, 900 million floating rate term bank loan due Aug. 14, 2024, 290 million 9.75% callable notes due Dec. 15, 2022, 400 million 6.75% callable notes due Dec. 15, 2021, US$610 million floating rate first-lien term B bank loan due April 1, 2021, US$170 million floating rate second-lien term bank loan due April 1, 2022, US$40 million floating rate term A-1 bank loan due April 1, 2021, 300 million 1.00% medium-term notes due April 28, 2021, 300 million 0.875% medium-term notes serial 3 due April 6, 2023, 200 million first-lien super senior secured term bank loan due June 25, 2022, US$400 million 6.50% senior notes due Nov. 1, 2021, US$400 million 6.875% senior notes due Jan. 15, 2023, US$1 billion 6.875% senior notes due March 15, 2022, US$275 million convertible senior notes due Sept. 15, 2023, US$400 million 6.25% notes due May 1, 2026, US$550 million floating rate term bank loan due April 16, 2021, US$500 million 6.25% secured notes due May 1, 2022, US$300 million bank loan due Dec. 6, 2023, US$119.779 million term loan bank loan due June 30, 2024, 430 million floating rate revolving credit facility bank loan due Sept. 27, 2023, 330 million floating rate term A bank loan due Sept. 27, 2023, 350 million 5.125% notes due Oct. 15, 2026, US$425 million floating rate term B bank loan due Sept. 27, 2025, 375 million floating rate term B bank loan due Sept. 27, 2025, 90 million floating rate revolving credit facility bank loan due March 8, 2025, 568 million facility B bank loan due March 28, 2026, US$290 million floating rate term bank loan due May 9, 2022, US$40 million first-lien guaranteed senior secured asset-based revolver due May 8, 2023, US$500 million floating rate second-lien term bank loan due May 28, 2027, US$2.8 billion floating rate first-lien term bank loan due May 29, 2026, US$150 million floating rate revolver bank loan due May 30, 2024, US$1.63 billion bank loan due Feb. 28, 2025, US$235 million floating rate second-lien bank loan due Aug. 28, 2025, US$585 million floating rate first-lien term bank loan due Aug. 28, 2024, US$1.5 billion 10.00% senior notes due April 1, 2022, US$538 million second-lien guaranteed secured bank loan due Nov. 1, 2025, US$2 billion first-lien guaranteed senior secured bank loan due April 1, 2024, US$650 million floating rate first-lien bank loan due 2023, US$150 million floating rate second-lien term bank loan due Dec. 7, 2024, US$120 million first-lien senior secured asset-based revolver due Dec. 7, 2021, BRL4.168 billion senior unsecured Notes due Feb. 25, 2035, US$128 million term A capex due March 15, 2023, US$128 million term B capex due March 15, 2024, US$397.36 million term capex due Nov. 30, 2023, US$900 million floating rate revolving facility bank loan due March 19, 2022, US$900 million 5.75% unsecured notes due Aug. 1, 2022, US$700 million 5.50% senior notes due April 15, 2025, US$1.862 billion floating rate term B bank loan due Sept. 24, 2024, US$600 million floating rate term bank loan due Feb. 24, 2025, US$600 million 4.75% senior unsecured notes due April 15, 2023, US$350 million 9.75% notes due Nov. 30, 2020, US$78.336 million 9.75% senior unsecured notes due Oct. 14, 2025, ARS6.3 billion senior unsecured notes due Nov. 7, 2022, ARS3.75 billion senior unsecured notes due Feb. 15, 2021, ARS2.9 billion senior unsecured notes due Feb. 11, 2022, ARS390.5 million senior unsecured notes due Aug. 11, 2021, 500 million 6.75% notes due Nov. 1, 2021, US$300 million 7.625% notes due Nov. 1, 2021, 85 million 12.75% notes due Sept. 30, 2023, 165 million 10.75% notes due Sept. 30, 2023, US$500 million 6.75% notes due March 15, 2023, US$350 million 6.625% senior notes due May 1, 2023, US$650 million 6.00% senior notes due Oct. 15, 2024, US$600 million 6.375% senior notes due May 15, 2025, US$700 million first-lien guaranteed senior secured reserve-based revolver due Dec. 31, 2021, US$120 million floating rate second-lien term bank loan due April 24, 2024, US$125 million floating rate revolver bank loan due Oct. 24, 2022, US$405 million floating rate first-lien term bank loan due Oct. 24, 2023, US$357 million floating rate first-lien term bank loan due Oct. 6, 2021, US$50 million floating rate revolver bank loan due Oct. 6, 2020, US$50 million floating rate second-lien term bank loan due Oct. 6, 2022, US$370 million 6.625% notes due April 24, 2022, US$175 million 11.50% callable notes due April 22, 2021, US$171 million 6.00% first-lien notes due May 2, 2024, US$251 million 6.25% first-lien notes due Nov. 2, 2025, 150 million floating rate super senior revolving credit facility bank loan due Aug. 2, 2023, 765 million 5.875% notes due Feb. 1, 2024, 325 million callable notes due Feb. 1, 2024, CHF250 million 5.875% callable notes due Feb. 1, 2024, 100 million floating rate super senior revolving credit facility bank loan due Jan. 10, 2022, 600 million floating rate notes due July 15, 2022, 150 million 8.50% notes due Jan. 15, 2023, US$700 million 4.625% senior notes due Sept. 15, 2021, US$350 million 5.10% senior unsecured notes due Sept. 15, 2023, US$600 million 5.50% senior notes due Jan. 15, 2023, US$575 million 0.75% exchangeable senior notes due Jan. 15, 2024, US$800 million 5.75% senior notes due Feb. 1, 2025, US$1.267 billion floating rate revolving bank loan due Oct. 11, 2023, US$475 million 7.50% notes due Jan. 15, 2028, US$600 million 7.25% notes due Jan. 15, 2026, US$400 million 8.75% notes due Nov. 1, 2023, US$545 million floating rate first-lien term bank loan due July 1, 2021, US$100 million floating rate revolver bank loan due July 1, 2021, US$250 million floating rate second-lien term bank loan due July 1, 2022, 300 million floating rate notes due Nov. 15, 2024, US$360 million 8.75% notes due March 23, 2023, US$1.5 billion floating rate bank loan due July 13, 2022, US$600 million 7.25% senior unsecured notes due Oct. 15, 2025, US$694.279 million second-lien notes due May 15, 2023, US$1.5 billion first-lien senior secured revolver due Nov. 22, 2024, US$450 million bank loan due May 23, 2024, US$110.8 million bank loan due May 23, 2024, US$3.325 billion floating rate dollar term bank loan due Feb. 28, 2025, US$462.5 million floating rate revolving credit facility bank loan due Feb. 28, 2023, 607.643 million floating rate euro term bank loan due Feb. 28, 2025, US$650 million floating rate term bank loan due Sept. 30, 2026, US$250 million term loan B due June 22, 2023, 250 million 5.25% notes due Nov. 15, 2022, 225 million floating rate notes due Nov. 15, 2022, US$650 million 6.25% senior notes due April 15, 2023, US$600 million 6.125% senior unsecured notes due Oct. 1, 2024, US$250 million 8.25% senior notes due July 15, 2025, US$400 million 6.375% notes due July 1, 2026, US$516 million 9.00% second-lien notes due April 1, 2025, US$1.6 billion reserve-based revolver due Dec. 20, 2024, 500 million floating rate multicurrency revolving credit facility bank loan due June 9, 2022, 600 million 4.125% notes due Nov. 15, 2024, 450 million 4.00% notes due April 30, 2026, 500 million 2.375% callable notes due Nov. 15, 2022, 220 million guaranteed unsecured term loan due May 03, 2021, 260 million facility B bank loan due Dec. 5, 2024, 40 million revolver bank loan due Dec. 5, 2023, US$800 million 7.125% senior notes due Dec. 15, 2021, US$500 million 7.75% senior notes due Sept. 15, 2024, US$1 billion 5.125% senior secured notes due Aug. 1, 2021, US$3 billion 6.875% senior unsecured notes due Feb. 1, 2022, US$3.1 billion 6.25% senior notes due March 31, 2023, US$1.355 billion 8.125% junior-priority notes due June 30, 2024, US$1.77 billion junior-priority notes due June 30, 2023, US$2.08 billion 8.00% notes due Dec. 31, 2026, US$1.7 billion 6.875% senior notes due April 1, 2028, US$700 million 8.00% senior notes due Dec. 15, 2027, US$1.462 billion 6.625% senior notes due Feb. 15, 2025, US$1.6 billion 8.00% senior notes due March 15, 2026, US$1.032 billion 8.625% senior notes due Jan. 15, 2024, US$500 million senior notes due March 15, 2026, US$350 million 12.00% notes due Dec. 15, 2022, US$100 million floating rate term bank loan due Feb. 3, 2022, US$300 million floating rate term bank loan due Nov. 3, 2022.