v3.26.1
Financing Arrangements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Financing Arrangements
Note 4. Financing Arrangements
The following table presents a summary of LivaNova’s long-term debt obligations (in thousands):
March 31, 2026December 31, 2025MaturityInterest Rate
2029 Notes$280,172 $275,599 March 20292.50%
Term Facilities— 95,063 
Other
5,109 5,401 
Total long-term debt285,281 376,063 
Less: Current portion of long-term debt121 30,878 
Total long-term debt obligations$285,160 $345,185 
Revolving Credit and Term Facilities
The outstanding principal amount of LivaNova’s short-term unsecured revolving credit agreements and other agreements with various banks was $2.5 million and $0.6 million as of March 31, 2026 and December 31, 2025, respectively, with an interest rate of 5.33% as of March 31, 2026.
On March 8, 2024, LivaNova and LivaNova USA entered into Incremental Facility Amendment No. 3, which provides for LivaNova USA to obtain revolving commitments in an aggregate principal amount of $225.0 million, and matures on March 8, 2029. There were no outstanding borrowings under the revolving facilities under the 2021 First Lien Credit Agreement as of March 31, 2026 and December 31, 2025. As of both March 31, 2026 and December 31, 2025, the applicable commitment fee percentage was 0.25% per annum. As of March 31, 2026, the Company was in compliance with the financial covenants contained in the 2021 First Lien Credit Agreement.
On January 8, 2026, LivaNova paid $95.9 million in an early repayment of the remaining amount outstanding under the Term Facilities in full. The early repayment resulted in the recognition of a loss on debt extinguishment of $0.9 million for the three months ended March 31, 2026, associated with the write-off of the remaining unamortized debt issuance costs, and is included within interest expense in the condensed consolidated statements of income (loss).
2029 Notes
The effective interest rate of the 2029 Notes was 9.84% as of March 31, 2026. The unamortized debt discount and issuance costs related to the 2029 Notes as of March 31, 2026 and December 31, 2025 were $64.8 million and $69.4 million, respectively. As of March 31, 2026, the conditions for conversion were not met. The Company included its obligations from the 2029 Notes and the associated embedded derivative as long-term liabilities in the condensed consolidated balance sheet as of March 31, 2026, and the 2029 Notes are not convertible for the three months ending June 30, 2026. For additional information regarding the 2029 Notes, refer to LivaNova’s 2025 Form 10-K.