
(in thousands, except interest rates)	June 30, 2026		December 31, 2025
Borrowings under the Amended Credit Agreement
USD borrowings	$	348,000	$	350,000
EUR borrowings	102,669		105,663
Total bank debt	450,669		455,663
Less: Current maturities of long-term debt	—		—
Long-term debt	$	450,669	$	455,663

On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility Agreement, amended on June 28, 2024 (collectively, the “Amended Credit Agreement”), which matures in August of 2028.

The applicable interest rate for borrowings under the Amended Credit Agreement is based on both Term SOFR and EURIBOR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows:


Leverage Ratio	Commitment Fee	ABR Spread	Term Benchmark/ Daily Simple SOFR Spread
<1.00:1.00	0.275%	0.500%	1.500%
≥ 1.00:1.00 and < 2.00:1.00	0.300%	0.625%	1.625%
≥ 2.00:1.00 and < 3.00:1.00	0.325%	0.750%	1.750%
≥ 3.00:1.00	0.350%	1.000%	2.000%

As of June 30, 2026, there was $450.7 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $349.3 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement).

As of June 30, 2026 and December 31, 2025, the USD interest rate in effect was 5.48% and 5.56%, respectively, including the effect of interest rate swaps; at the end of June 30, 2026 and December 31, 2025, the EUR interest rate in effect was 3.83% and 3.73%, respectively, including the effect of interest rate swaps.

Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Credit Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition. We are also required to maintain a minimum interest coverage ratio (as defined in the Credit Agreement) of greater than 3.00 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, we will be restricted in paying dividends to a maximum amount of $40 million in a calendar year

As of June 30, 2026, our leverage ratio was 1.71 to 1.00 and our interest coverage ratio was 8.07 to 1.00. As of June 30, 2026, we were in compliance with all applicable covenants. We anticipate continued compliance in each of the next four quarters while continuing to monitor future compliance based on current and future economic conditions.

The borrowings are guaranteed by certain of the Company’s subsidiaries, including all significant U.S. subsidiaries (subject to certain exceptions), as defined in the Amended Credit Agreement. Our ability to borrow additional amounts under the Amended Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Amended Credit Agreement).

From time to time, the Company enters into interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. Such contracts are intended to economically hedge the reference rate component of future interest payments associated with outstanding borrowings under the Company’s Amended Credit Agreement.

On April 15, 2026, the Company entered into a USD and a EUR forward starting interest rate swap agreement with starting dates of November 15, 2026 and November 14, 2026, respectively. These instruments are intended to replace the Company's existing interest rate swap agreements upon their maturity on those same dates and are entered into for the purpose of managing the Company's exposure to variability in cash flows attributable to changes in benchmark interest rates. Changes in fair value during the forward period, from the trade date through the respective starting dates, will be recorded in other comprehensive income (loss).

The USD forward starting interest rate swap agreement has a three-year tenor and matures on November 15, 2029. The swap has the effect of fixing the SOFR portion of the interest rate on $80 million of USD indebtedness drawn under the Amended Credit Facility. Under this interest rate swap agreement, the Company pays a fixed rate of 3.516% and the counterparty pays a floating rate based on the one-month term SOFR rate, reset monthly. The EUR forward starting interest rate swap agreement has a three-year tenor and matures on November 14, 2029. The swap has the

effect of fixing the EURIBOR portion of the interest rate on €25 million of EUR indebtedness drawn under the Amended Credit Facility. Under this agreement, the Company pays a fixed rate of 2.602% and the counterparty pays a floating rate based on the one-month EURIBOR rate, reset monthly.

In November, 2024, we entered into two interest rate swap agreements: A USD interest rate swap agreement and a EUR interest rate swap agreement. The USD interest rate swap agreement covers the period November 15, 2024 through November 15, 2026. This transaction has the effect of fixing the SOFR portion of the interest rate (before the credit spread) on $125 million of the US indebtedness drawn under the Amended Credit Facility. Under the terms of this transaction, the Company pays a fixed rate of 3.987% and our counterparty pays a floating rate based on the one-month SOFR rate at each monthly calculation date. The EUR interest rate swap agreement covers the period November 14, 2024 through November 15, 2026. This transaction has the effect of fixing the EURIBOR portion of the interest rate (before the credit spread) on EUR 45 million of the EUR indebtedness drawn under the Amended Credit Facility. Under the terms of this transaction, the Company pays a fixed rate of 2.277% and our counterparty pays a floating rate based on the one-month EURIBOR rate at each monthly calculation date.