v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
(in millions)March 31, 2026December 31, 2025
Unsecured credit facilities$2,919 $2,565 
Senior unsecured notes 1,750 1,774 
New senior unsecured notes1,304 1,323 
Secured debt 315 476 
Unsecured term loans 1 2 
Total debt6,289 6,140 
Less: Current portion long-term debt(2)(2)
Less: Deferred financing costs(20)(21)
Less: Discount on debt issued(9)(10)
Total long-term debt, net$6,258 $6,107 
(a)Unsecured Credit Facilities
i.Credit Agreement - Revolving Credit Facility and Term Loan A
Originally entered into on December 22, 2020 and subsequently amended, the Company has an unsecured revolving credit and term loan agreement (collectively, the “Credit Agreement”) consisting of a multi-currency revolving credit facility (the “Revolving Credit Facility” or “RCF”) with a borrowing capacity of $3,500 million and a USD denominated term loan (the “Term Loan A” or “TLA”) with various lenders with a total commitment of $1,000 million.
The following table provides the details of the Credit Agreement:
March 31, 2026December 31, 2025
(in millions)
Contractual Interest Rate (1)
Borrowing Currency AmountCarrying Amount (USD)
Contractual Interest Rate (1)
Borrowing Currency AmountCarrying Amount (USD)
Term Loan A
USD
SOFR+0.93%
1,000 $1,000 
SOFR+0.93%
1,000 $1,000 
Revolving Credit Facility
USD
SOFR+0.78%
1,656 1,656 
SOFR+0.78%
1,325 1,325 
NZD
BKBM+0.78%
132 76 
BKBM+0.78%
131 76 
AUD
BBSW+0.78%
110 75 
BBSW+0.78%
122 82 
CAD
CORRA+0.78%
103 74 
CORRA+0.78%
68 50 
DKK
CIBOR+0.78%
250 38 
CIBOR+0.78%
— — 
NOK
NIBOR+0.78%
— — 
NIBOR+0.78%
260 25 
EUR
EURIBOR+0.78%
— — 
EURIBOR+0.78%
6 7 
Total Revolving Credit Facility$1,919 $1,565 
(1) SOFR = Secured Overnight Financing Rate, BKBM = Bank Bill Reference Rate, BBSW = Bank Bill Swap Rate, CORRA = Canadian Overnight Repo Rate Average, CIBOR = Copenhagen Interbank Offered Rate, NIBOR = Norwegian Interbank Offered Rate, EURIBOR = Euro Interbank Offered Rate.
There were $61 million in letters of credit issued on the Company’s Revolving Credit Facility as of March 31, 2026 and December 31, 2025. Under the Credit Agreement, the Company has the ability to issue up to $100 million as letters of credit.
(b)Senior Unsecured Notes
On August 20, 2021, and on August 15, 2022, the Company issued a series of fixed-rate guaranteed, senior unsecured notes with various maturities pursuant to a private placement financing (“Senior Unsecured Notes”). Interest on these notes is due semi-annually in August and February.
The table below summarizes the balances and terms of the Senior Unsecured Notes:
(in millions, except interest rates)Borrowing Currency Amount
Interest Rate
Maturity Date
March 31, 2026December 31, 2025
Series A Senior  Notes        $3002.22%8/20/2026$300 $300 
Series B Senior  Notes    $3752.52%8/20/2028375 375
Series C Senior Notes    €1280.89%8/20/2026147 151
Series D Senior Notes    €2511.26%8/20/2031288 295
Series E Senior Notes    £1451.98%8/20/2026192 196
Series F Senior Notes    £1302.13%8/20/2028172 175
Series G Senior Notes    €803.33%8/20/202792 94
Series H Senior Notes    €1103.54%8/20/2029126 129
Series I Senior Notes    €503.74%8/20/203258 59
Total Senior Unsecured Notes$1,750 $1,774 
Some of the Senior Unsecured Notes are set to mature in August 2026 and continue to be presented in Long-term debt, net in the condensed consolidated balance sheets, as the Company has the intent and ability to refinance these obligations on a long-term basis prior to their maturity using the RCF capacity.
(c)New Senior Unsecured Notes
In 2025, the Company issued senior notes fully and unconditionally guaranteed by Lineage, Inc., the Operating Partnership, Lineage Europe Finco B.V., Lineage Logistics Holdings, LLC, and certain other subsidiaries of the Company that guarantee or are otherwise obligated in respect of the Credit Agreement (other than the issuing subsidiary and any excluded subsidiaries) (“New Senior Unsecured Notes”). A summary of the notes issued and outstanding is as follows:
(monetary amounts in millions)Borrowing Currency Amount
Interest Rate
Issuance DateInterest Payable Date
Maturity Date
March 31, 2026December 31, 2025
5.25% Notes
$5005.25%6/17/2025January and July7/15/2030$500 $500 
4.125% Notes
€7004.13%11/26/2025November11/26/2031804 823 
Total New Senior Unsecured Notes$1,304 $1,323 
Interest on the above notes is paid at the dates noted, commencing in 2026. The 5.25% Notes were issued at 98.991% of par, with a total debt discount of $5 million and debt issuance costs of $5 million. The 4.125% Notes were issued at 99.324% of par, with a total debt discount of $6 million and debt issuance costs of $7 million. The discounts and issuance costs were capitalized as deferred financing costs recorded in Long-term debt, net in the condensed consolidated balance sheets.
The New Senior Unsecured Notes require that the Operating Partnership and its subsidiaries maintain total unencumbered assets of not less than 150% of the aggregate principal amount of all outstanding unsecured debt of the Operating Partnership and its subsidiaries, as determined on a consolidated basis. The bonds also contain certain financial covenants required, including:
•A maximum total indebtedness to total assets ratio of less than 0.60 to 1.00
•A maximum total secured indebtedness to total assets ratio of less than 0.40 to 1.00; and
•A minimum interest coverage ratio of not less than 1.50 to 1.00.
The Company was in compliance with all financial covenants as of March 31, 2026.
(d)Secured Debt
As of March 31, 2026, the total balance of $315 million was comprised of two secured promissory notes with MetLife Real Estate Lending LLC (the “Metlife Real Estate Notes”) totaling $309 million (due in 2028 and 2029) and $6 million of other fixed-rate real estate and equipment secured financing agreements with various lenders.
As of December 31, 2025, the total Secured Debt balance of $476 million was comprised of the Metlife Real Estate Notes totaling $469 million (due in 2026, 2028, and 2029) and $7 million of other fixed-rate real estate and equipment secured financing agreements with various lenders.
One of the Metlife Real Estate Notes totaling $160 million was paid off on January 2, 2026 using the RCF capacity. It was classified in Long-term debt, net in the condensed consolidated balance sheets as of December 31, 2025, as the Company had the intent and ability to refinance the obligation on a long-term basis prior to its maturity using the RCF capacity.
(e)Deferred financing costs and discount
The table below presents the Company’s net deferred financing costs and debt discount balances as well as their classification in the condensed consolidated balance sheets:
(in millions)Balance SheetMarch 31, 2026December 31, 2025
Deferred financing costs, net of amortizationOther assets$20 $21 
Deferred financing costs, net of amortizationLong-term debt, net$20 $21 
Debt discount, net of amortizationLong-term debt, net$9 $10