v3.25.2
Debt and Credit Facilities
 6 Months Ended
Jun. 28, 2025
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
June 28, 2025December 31, 2024
7.5% debentures due 2025
$— $252 
6.5% debentures due 2025
70 70 
4.6% senior notes due 2028
697 696 
6.5% debentures due 2028
24 24 
5.0% senior notes due 2029
397 396 
4.6% senior notes due 2029
802 802 
2.3% senior notes due 2030
896 895 
4.85% senior notes due 2030
595 — 
2.75% senior notes due 2031
846 846 
5.2% senior notes due 2032
496 — 
5.6% senior notes due 2032
596 596 
5.4% senior notes due 2034
893 893 
5.55% senior notes due 2035
892 — 
6.625% senior notes due 2037
38 38 
5.5% senior notes due 2044
397 397 
5.22% debentures due 2097
93 93 
7,732 5,998 
Adjustments for unamortized gains on interest rate swap terminations(1)(1)
Less: current portion(70)(322)
Long-term debt$7,661 $5,675 
On June 16, 2025, the Company issued $600 million of 4.85% senior notes due 2030 (“2030 Notes”), $500 million of 5.2% senior notes due 2032 (“2032 Notes”) and $900 million of 5.55% senior notes due 2035 (“2035 Notes”). The Company recognized net proceeds of approximately $2.0 billion after debt issuance costs and discounts. The proceeds from these notes were used to fund a portion of the acquisition of Silvus.
On May 27, 2025, the Company obtained financing commitments for $2.5 billion of senior unsecured delayed draw term loan facilities, comprised of a $1.75 billion 364-day facility and a $750 million three year facility. Upon issuance of 2030 Notes, 2032 Notes, and 2035 Notes, the financing commitments under the 364-day facility were reduced to $750 million. Subsequent to the quarter, on July 21, 2025 the Company entered into credit agreements for a $750 million 364-day delayed draw term loan and a $750 million three year delayed draw term loan, and on August 6, 2025 the Company borrowed $750 million under the 364-day delayed draw term loan and $750 million under the three year delayed draw term loan to fund a portion of the acquisition of Silvus.
During the three months ended June 28, 2025, the Company repaid the $252 million aggregate principal amount of the 7.5% senior notes due 2025.
As of June 28, 2025, $70 million of 6.5% debentures due 2025, which mature in September 2025, were presented as the Current portion of long-term debt within the Company's Condensed Consolidated Balance Sheets, as the debentures mature within the next twelve months.
On April 25, 2025, the Company entered into a $2.25 billion syndicated, unsecured revolving credit facility maturing in April 2030 which can be used for general corporate purposes and letters of credit (the "2025 Motorola Solutions Credit Agreement"), which replaced the Company's $2.25 billion 2021 Motorola Solutions Credit Agreement scheduled to mature in March 2026. Borrowings under the facility bear interest at the prime rate plus the applicable margin, or at a spread above the Secured Overnight Financing Rate (SOFR), at the Company's option. An annual facility fee is payable on the undrawn amount of the credit line. The interest rate and facility fee are subject to adjustment if the Company's credit rating changes. The Company must comply with certain customary covenants including a maximum leverage ratio, as defined in the 2025 Motorola Solutions Credit Agreement. The Company was in compliance with its financial covenants as of June 28, 2025.
The Company has an unsecured commercial paper program, backed by the 2025 Motorola Solutions Credit Agreement, under which the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $2.2 billion outstanding at any one time. Proceeds from the issuances of the notes are expected to be used for general corporate purposes. The notes are issued at a zero-coupon rate and are issued at a discount which reflects the interest component. At maturity, the notes are paid back in full including the interest component. The notes are not redeemable prior to maturity. As of June 28, 2025 the Company had no outstanding debt under the commercial paper program. Subsequent to the quarter, the Company utilized its commercial paper program as a source of short-term liquidity to partially fund the acquisition of Silvus.