Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 12. Debt The following were individual components of debt:
For the terms attached to the senior notes, the revolving credit facility, the term loans and the commercial paper programs, refer to the narrative included in “Note 14. Debt” of the 2024 Consolidated Financial Statements. The carrying amount of borrowings which are designated as net investment hedges, as outlined therein, has not changed materially and no ineffectiveness was recognized in the period. The revolving credit facility had an original term of five years, with two one-year extension options. In June 2025, the Group exercised the first extension option, extending the maturity date to June 28, 2030. At June 30, 2025, all of our debt was unsecured with the exception of our receivables securitization facilities and finance lease obligations. 12. Debt - continued Senior Notes Issued and Redeemed There were no new issuances or redemptions during the period in relation to the senior notes. On April 3, 2025, the Company and certain of its direct and indirect wholly owned subsidiaries (the “Obligor Group”) filed with the SEC a registration statement on Form S-4, with respect to concurrent offers to exchange up to $2,750 million principal amount of unregistered senior unsecured notes previously issued by Smurfit Kappa Treasury Unlimited Company on April 3, 2024 and guaranteed by other members of the Obligor Group (see “Note 2. Acquisitions” of the 2024 Consolidated Financial Statements) and up to $850 million principal amount of unregistered senior unsecured notes previously issued by Smurfit Westrock Financing Designated Activity Company on November 26, 2024 and guaranteed by the other members of the Obligor Group (collectively, the “Original Notes”), in each case for registered notes of equal principal amount issued by the same obligors with the same interest and maturity dates and coupons and guaranteed by the same members of the Obligor Group (the “New Notes”). The Form S-4 became effective on April 23, 2025 and the exchange offers commenced on that same date. The terms of the New Notes are identical in all material respects to the Original Notes except that the New Notes do not have any transfer restrictions, registration rights or additional interest provisions. The exchange offers expired at 5:00 p.m. New York City time, on May 21, 2025 (the “Expiration Date”) and resulted in approximately $3,588 million aggregate principal amount of the Original Notes (99.66% of the original principal amount) being validly tendered and not validly withdrawn, for exchange for the New Notes. The Obligor Group accepted all of the Original Notes which were validly tendered and not validly withdrawn as of the Expiration Date and has issued a like principal amount of New Notes in exchange for such Original Notes. No new proceeds were received by the Obligor Group in connection with the exchange offer. Receivables Securitization Facilities We have three trade receivables securitization programs. The first program has a facility size of €100 million and is scheduled to mature in December 2029. The second program has a facility size of €230 million and is scheduled to mature in December 2029. The third program has a facility size of $700 million and is scheduled to mature in June 2027. We have continuing involvement with the underlying receivables as we provide credit and collection services pursuant to the underlying agreements. For the terms attached to these programs, refer to the narrative included in “Note 14. Debt” of the 2024 Consolidated Financial Statements. As of June 30, 2025, the gross amount of receivables collateralizing the €100 million 2029 trade receivables securitization program was €333 million (December 31, 2024: €318 million). As of June 30, 2025, the facility was fully utilized (December 31, 2024: $104 million maximum available borrowings, excluding amounts utilized under this facility). As of June 30, 2025, the gross amount of receivables collateralizing the €230 million 2029 trade receivables securitization program was €428 million (December 31, 2024: €421 million). As of June 30, 2025, maximum available borrowings, excluding amounts utilized, were $94 million (December 31, 2024: $234 million). As of June 30, 2025, the gross amount of receivables collateralizing the maximum available borrowings of the $700 million 2027 program was $1,117 million (December 31, 2024: $1,077 million). As of June 30, 2025, maximum available borrowings were $700 million (December 31, 2024: $676 million). As of June 30, 2025, amounts available for borrowing under this facility (excluding amounts utilized), were $150 million (December 31, 2024: $241 million).
|