Note 8 – Debt, net

Recourse debt is debt where the lender may pursue repayment beyond the value of any pledged collateral and is generally secured by general assets of the Company. Non-recourse debt is debt where the lender’s ability to pursue repayment from the Company is limited to the value of the specific assets collateralized by the debt.

Corporate and other – Recourse

North American revolving credit facility

As of May 31, 2026, a $600.0 million revolving line of credit existed to provide working capital and interim financing of equipment, principally for the Company’s U.S. and Mexican operations. The North American credit facility is secured by substantially all the Company's U.S. assets not otherwise pledged as security for term loans, the warehouse credit facility, or the railcar asset-backed securities. The North American credit facility had $320.0 million available for borrowing as of May 31, 2026. Available borrowings under the credit facility are generally based on defined levels of eligible inventory, receivables, property, plant and equipment and leased equipment, as well as total debt to consolidated capitalization and fixed charges coverage ratios. Outstanding commitments under the North American credit facility included letters of credit which totaled $29.3 million and $5.4 million as of May 31, 2026 and August 31, 2025, respectively. Advances under the North American credit facility bear interest at the Secured Overnight Financing Rate (SOFR) plus 1.50% plus 0.10% as a SOFR adjustment or Prime plus 0.50% depending on the type of borrowing. The North America credit facility matures in May 2030.

European revolving credit facilities

As of May 31, 2026, lines of credit totaling $133.9 million, secured by certain of the Company’s European assets, were available for working capital needs of the Company’s European manufacturing operations. The European credit facilities had $32.5 million available for borrowing as of May 31, 2026. The European lines of credit include $59.5 million which is guaranteed by the Company. The European credit facilities have variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.20% to WIBOR plus 1.25% and Euro Interbank Offered Rate

(EURIBOR) plus 1.00% to EURIBOR plus 1.90%. The European credit facilities are regularly renewed and currently have maturities that range from September 2026 through May 2028.

Mexican revolving credit facilities

As of May 31, 2026, the Company’s Mexican railcar manufacturing operations had lines of credit totaling $156.0 million for working capital needs, $56.0 million of which the Company and its joint venture partner have each guaranteed 50%. The Mexican credit facilities had $136.0 million available for borrowing as of May 31, 2026. Advances under these facilities bear interest at variable rates that range from SOFR plus 2.00% to SOFR plus 4.25%. Currently, the Mexican credit facilities have maturities that range from July 2026 through March 2027.

Lease fleet and other – Non-recourse

Leasing warehouse credit facility

As of May 31, 2026, a $450.0 million non-recourse warehouse credit facility existed to support the operations of the Company's leasing business in North America. Advances under this facility are secured by a pool of leased railcars and bear interest at SOFR plus 1.70%. The warehouse credit facility converts to a term loan in September 2027 and matures in September 2029.

Leasing senior term debt

The Leasing senior term debt was amended in May 2026 on similar terms, providing for an additional $125.0 million available under a delayed draw facility through November 2026 and extending the maturity date from August 2027 to May 2032. The Leasing senior term debt bears interest at a rate of SOFR plus 1.625%, with principal of $2.6 million paid quarterly in arrears and a balloon payment of $237.0 million due upon maturity. Interest rate swap agreements cover nearly 100% of the principal balance to swap the floating interest rate to fixed rates.

Leasing GBXL I asset-backed term notes

GBX Leasing 2022-1 LLC (GBXL I) was formed as a wholly owned special purpose entity of GBX Leasing to securitize the leasing assets of GBX Leasing. On February 4, 2026, GBXL I (Issuer) issued $300.0 million of term notes secured by a portfolio of railcars and associated operating leases and other assets, acquired and owned by GBXL I (the 2026 GBXL Notes). Issued debt of GBXL I as of May 31, 2026 also includes the GBXL I Series 2022-1 Notes and the GBXL I Series 2023-1 Notes, as described in Note 11 of our 2025 Annual Report on Form 10-K, and the 2026 GBXL Notes, collectively the GBXL Notes. GBX Leasing used a portion of the net proceeds received from the issuance of the term notes to pay down the Leasing warehouse credit facility.

The 2026 GBXL Notes include $280.4 million of GBXL I Series 2026-1 Class A Secured Railcar Equipment Notes (2026 Class A Notes) and $19.6 million of GBXL I Series 2026-1 Class B Secured Railcar Equipment Notes (2026 Class B Notes). The 2026 GBXL Notes bear interest at fixed rates of 5.13% and 5.30% for the 2026 Class A Notes and 2026 Class B Notes, respectively. The 2026 GBXL Notes are payable monthly, with a contractual maturity date of February 22, 2056 and an anticipated repayment date of February 21, 2033. While the contractual maturity date is in 2056, the cash flows generated from the railcar assets will pay down the 2026 GBXL Notes in line with the agreement, which based on expected cash flow payments, would result in repayment in advance of the contractual maturity date. If the principal amount of the 2026 GBXL Notes has not been repaid in full by the anticipated repayment date, then the Issuer will also be required to pay additional interest to the holders at a rate equal to 4.00% per annum.

The GBXL Notes are obligations of the Issuer only and are non-recourse to Greenbrier. The GBXL Notes are subject to a Master Indenture between the Issuer and U.S. Bank Trust Company, National Association, as trustee, as supplemented by the Series 2022-1 Supplement dated February 9, 2022, the Series 2023-1 Supplement dated November 20, 2023, and the Series 2026-1 Supplement dated February 4, 2026. The GBXL Notes may be subject to acceleration upon the occurrence of certain events of default.

European debt

In January 2026, the Company entered into a loan agreement with a commitment of up to $50.3 million to support the Company's European operations. The European debt is secured by a pool of leased railcars and is non-recourse to Greenbrier. The European debt bears interest at a rate of EURIBOR plus 3.50% and matures in January 2031.