The Company’s debt obligations consist of the following (in millions):
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June 30,
2025 |
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December 31,
2024 |
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2024 term loan agreements: |
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CHF loan due 2027 |
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$ |
181.9 |
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$ |
162.1 |
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CHF loan due 2029 |
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183.1 |
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162.1 |
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CHF loan due 2031 |
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189.0 |
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165.2 |
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2019 term loan agreement: |
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USD loan quarterly payments of $3.8 million and balloon payment due December 2026 |
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255.8 |
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263.3 |
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Note Purchase Agreements (NPA – Senior notes): |
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2024 notes due April 15, 2034 - CHF 50 million 2.56% (a) |
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63.0 |
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55.1 |
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2024 notes due April 15, 2036 - CHF 146 million 2.62% and CHF 50 million 2.60% (a) |
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246.9 |
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215.9 |
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2024 notes due April 15, 2039 - CHF 135 million 2.71% and CHF 50 million 2.62% (a) |
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233.1 |
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203.8 |
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2021 notes due December 8, 2031 - CHF 300 million 0.88% (a) |
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378.0 |
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330.5 |
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2019 notes due December 11, 2029 - CHF 297 million 1.01% (a) |
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374.2 |
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327.2 |
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2021 notes due December 8, 2031 - EUR 150 million 1.03% (a) |
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176.5 |
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155.3 |
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CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement (b) |
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122.1 |
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27.5 |
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Other loans |
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15.2 |
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11.9 |
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Unamortized debt issuance costs |
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(2.8 |
) |
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(3.1 |
) |
Total notes and loans outstanding |
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$ |
2,416.0 |
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$ |
2,076.8 |
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Finance lease obligations |
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19.3 |
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17.5 |
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Total debt |
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$ |
2,435.3 |
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$ |
2,094.3 |
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Current portion of long-term debt and finance lease obligations |
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(55.7 |
) |
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(32.5 |
) |
Total long-term debt, less current portion |
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$ |
2,379.6 |
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$ |
2,061.8 |
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a)The fair value of the Company's long-term fixed interest rate debt was $1,426.7 million and $1,278.9 million as of June 30, 2025, and December 31, 2024, respectively. b)Subsequent to June 30, 2025, and up until the date of filing this Quarterly Report on Form 10-Q, the Company borrowed approximately $457.4 million of debt under the 2024 Amended and Restated Revolving Credit Agreement. Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty. Significant borrowings and repayments: The following table summarizes the Company’s debt borrowings and repayments from long-term debt for the six months ended June 30, 2025 and 2024 (amounts in millions):
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June 30,
2025 |
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June 30,
2024 |
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Proceeds from long-term debt: |
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CHF notes under various 2024 Note Purchase Agreements |
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$ |
— |
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$ |
472.1 |
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CHF notes under the 2024 Term Loan Agreement |
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— |
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329.5 |
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Other |
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2.9 |
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4.1 |
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Proceeds from long-term debt - Total |
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$ |
2.9 |
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$ |
805.7 |
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Repayment of long-term debt: |
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USD notes under the 2012 Note Purchase Agreement |
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$ |
— |
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$ |
(100.0 |
) |
USD notes under the 2019 Term Loan Agreement |
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(7.5 |
) |
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(7.5 |
) |
CHF notes under the 2024 Term Loan Agreement |
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(5.6 |
) |
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— |
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Other |
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(9.2 |
) |
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(10.5 |
) |
Repayment of long-term debt - Total |
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$ |
(22.3 |
) |
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$ |
(118.0 |
) |
Revolving Credit Facility: As of June 30, 2025, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):
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Weighted
Average
Interest Rate |
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Total Amount
Committed by
Lenders |
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Outstanding
Borrowings |
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Outstanding
Letters of
Credit |
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Total
Amount
Available |
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2024 Amended and Restated Credit
Agreement |
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0.43% |
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$ |
900.0 |
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$ |
122.1 |
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$ |
0.7 |
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$ |
777.2 |
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Bank guarantees and working capital line |
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varies |
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184.0 |
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— |
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184.0 |
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— |
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Total revolving lines of credit |
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$ |
1,084.0 |
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$ |
122.1 |
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$ |
184.7 |
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$ |
777.2 |
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As of June 30, 2025, the Company was in compliance with the covenants of all debt agreements.
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