v3.25.2
Corporate Borrowings
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Corporate Borrowings Corporate Borrowings
The following table presents the Company’s outstanding indebtedness:
Description(a)
June 30, 2025December 31, 2024
Credit Agreement - Revolver, 5.42% (variable rate) due 2030
$84,000 $105,000 
Convertible Senior Notes, 1.88% (fixed rate) due 2041
201,250 201,250 
Note Purchase Agreement
Series A Senior Secured Notes, 3.53% (fixed rate) due 2027
7,200 8,800 
Senior Secured Notes, 3.80% (fixed rate) due 2029
12,800 14,400 
Total indebtedness outstanding305,250 329,450 
Less unamortized loan fees(b)
(8,164)(5,909)
Total indebtedness outstanding, net297,086 323,541 
Less current maturities of long-term debt(6,400)(6,400)
Long-term debt$290,686 $317,141 
(a) Interest rates are as of June 30, 2025.
(b) Loan fees are being amortized over the life of the debt agreements.

Credit Agreement. On February 14, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with multiple participants led by Wells Fargo Bank, National Association (“Wells Fargo Bank”) which provided for a $300,000 revolving credit facility and had a maturity date of May 14, 2026. On April 24, 2025, the Company entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with Wells Fargo Bank, as administrative agent, swingline lender, and issuing lender, and the other lenders and parties thereto. The A&R Credit Agreement amends and restates the Company’s existing Credit Agreement, extending the maturity date to April 24, 2030. The A&R Credit Agreement increases the size of the revolving credit facility to $500,000 and permits the Company to increase the amount of the revolving credit facility by up to an additional $200,000, subject to certain conditions and at the discretion of the lenders. The Company incurred $2,712 of loan fees related to the A&R Credit Agreement during the quarter ended June 30, 2025.

The A&R Credit Agreement includes certain requirements and covenants with which the Company was in compliance at June 30, 2025. As of June 30, 2025, the Company had $84,000 outstanding borrowings under the A&R Credit Agreement, leaving $416,000 available.

Convertible Senior Notes. On November 16, 2021, the Company issued $201,250 in aggregate principal amount of 1.88% convertible senior notes due in 2041 (the “2041 Notes”). The 2041 Notes were issued pursuant to an indenture, dated as of November 16, 2021 (the “Indenture”), by and among the Company, as issuer, Luxco, Inc., MGPI Processing, Inc., and MGPI of Indiana, LLC, as subsidiary guarantors, and U.S. Bank National Association, as trustee. The 2041 Notes are senior, unsecured obligations of the Company and interest is payable semi-annually in arrears at a fixed interest rate of 1.88% on May 15 and
November 15 of each year. The 2041 Notes mature on November 15, 2041 unless earlier repurchased, redeemed, or converted, per the terms of the Indenture. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2041 Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its election, in respect to the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2041 Notes being converted.

Note Purchase Agreements. The Company’s Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“Prudential”), an affiliate of Prudential Financial, Inc., and certain affiliates of Prudential, provides for the issuance of $20,000 of Series A Senior Secured Notes and the issuance of up to $105,000 of additional Senior Secured Notes (or any higher amount solely to the extent Prudential has provided written notice to the Company of its authorization of such a higher amount). Effective August 23, 2023, the Note Purchase Agreement was amended to increase the total amount of Senior Secured Notes that may be issued under the facility of the Note Purchase Agreement to $250,000. On April 24, 2025, the Note Purchase Agreement was amended to extend the period for issuing senior secured promissory notes under the Note Purchase Agreement from August 31, 2026 to April 24, 2028.
During 2017, the Company issued $20,000 of Series A Senior Secured Notes with a maturity date of August 23, 2027. During 2019, the Company issued $20,000 of additional Senior Secured Notes with a maturity date of April 30, 2029. The Note Purchase Agreement includes certain requirements and covenants with which the Company was in compliance at June 30, 2025. As of June 30, 2025, the Company had $7,200 of Series A Senior Secured Notes and $12,800 of additional Senior Secured Notes outstanding under the Note Purchase Agreement, leaving $230,000 available under the Note Purchase Agreement.