v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(In thousands)
Senior Unsecured Notes$2,506,687 $2,730,980 
Senior Unsecured Term Loans1,300,688 1,077,144 
Senior Unsecured Revolving Credit Facility451,285 332,111 
Total principal amount of indebtedness$4,258,660 $4,140,235 
Less: unamortized deferred financing costs(1)
(16,939)(16,001)
Total indebtedness, net of deferred financing costs
$4,241,721 $4,124,234 
(1)Excludes unamortized deferred financing costs for the Senior Unsecured Revolving Credit Facility, which are recognized within Other assets on the accompanying Condensed Consolidated Balance Sheets.
The following table provides additional details of our Senior Unsecured Notes as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Private Series A Notes(1)
01/20264.68%$— $— $200,000 $200,000 
Private Series B Notes
01/20294.86%$400,000 400,000 $400,000 400,000 
Private Series C Notes
01/20304.10%$350,000 350,000 $350,000 350,000 
Private Series D Notes
01/20311.62%€400,000 456,900 €400,000 469,856 
Private Series E Notes
01/20331.65%€350,000 399,787 €350,000 411,124 
Public 5.600% Notes
05/20325.60%$400,000 400,000 $400,000 400,000 
Public 5.409% Notes
09/20345.41%$500,000 500,000 $500,000 500,000 
Total Senior Unsecured Notes
$2,506,687 $2,730,980 
(1)The Private Series A Senior Unsecured Notes were repaid in full on the stated maturity date of January 8, 2026.
During the three months ended June 30, 2026, the Company amended the terms of certain tranches of the Senior Unsecured Term Loans, which is further described below. The following table provides additional details of our Senior Unsecured Term Loans as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Stated Maturity Date(1)
Contractual Interest Rate(2)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(3)
Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
2025 Unsecured Term Loan
09/2026(4)
SOFR + 0.95%
$250,000 $250,000 
SOFR + 0.95%
$250,000 $250,000 
AUD Term Loan Facility06/2031
BBSW + 0.90%
A$230,000 159,134 —$— — 
Tranche A-108/2026
SOFR + 0.95%
$375,000 375,000 
SOFR + 0.94%
$375,000 375,000 
Tranche A-2
06/2031(4)
CORRA + 0.90%
C$350,000 246,554 
CORRA + 0.94%
C$250,000 182,144 
Delayed Draw Tranche A-3
01/2028
SOFR + 0.95%
$270,000 270,000 
SOFR + 0.94%
$270,000 270,000 
Total Senior Unsecured Term Loans
$1,300,688 $1,077,144 
(1)Pursuant to the Amended and Restated Syndicated Facility Agreement further described below, the 2025 Unsecured Term Loan includes an option for two remaining three-month extensions past the amended contractual maturity date in September of 2026. Pursuant to the Amended and Restated Syndicated Facility Agreement further described below, Tranche A-1 includes an option for four remaining three-month extensions past the previously extended contractual maturity date in August of 2026.
(2)2025 Unsecured Term Loan SOFR = daily SOFR, AUD Term Loan Facility BBSW = one-month Bank Bill Swap Rate, Tranche A-1 and Delayed Draw Tranche A-3 SOFR = adjusted one-month SOFR (which includes an adjustment of 0.10%), and CORRA = daily CORRA. Refer to Note 5 - Derivative Financial Instruments for details of the related interest rate swaps for Tranche A-1, Tranche A-2, and A-3 Delayed Draw Tranche. The interest rate swaps for Tranche A-1 and Delayed Draw Tranche A-3 were terminated as of June 30, 2026.
(3)As of December 31, 2025, 2025 Unsecured Term Loan SOFR = daily SOFR, Tranche A-1 and Delayed Draw Tranche A-3 SOFR = adjusted one-month SOFR (which includes an adjustment of 0.10%), and CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%).
(4)As of December 31, 2025, the stated maturity date of the 2025 Unsecured Term Loan was June of 2026 with an option for one six-month extension past the initial contractual maturity date in June of 2026. As of December 31, 2025, the stated maturity date of the Tranche A-2 was January of 2028 with no extension options.
During the three months ended June 30, 2026, the Company amended the Senior Unsecured Revolving Credit Facility to extend the maturity date from August 2026 to June 2030. Further details of the amendment are included below. The following table provides additional details of our Senior Unsecured Revolving Credit Facility as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Denomination of Draw
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate (2)
Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
U.S. dollar
SOFR + 0.80%
$305,000 $305,000 
SOFR + 0.84%
$— $— 
Australian dollar
BBSW + 0.80%
A$— — 
BBSW + 0.84%
A$207,500 138,469 
Canadian dollar
CORRA + 0.80%
C$22,000 15,498 
CORRA + 0.84%
C$98,000 71,400 
Euro
EURIBOR + 0.80%
€70,500 80,529 
EURIBOR + 0.84%
€70,500 82,812 
New Zealand dollar
BKBM + 0.80%
NZ$88,500 50,258 
BKBM + 0.84%
NZ$68,500 39,430 
Total Senior Unsecured Revolving Credit Facility(3)
$451,285 $332,111 
(1)SOFR = daily SOFR, BBSW = one-month Bank Bill Swap Rate, CORRA = daily CORRA, EURIBOR = one-month Euro Interbank Offered Rate, BKBM = one-month Bank Bill Reference Rate.
(2)As of December 31, 2025, SOFR = adjusted daily SOFR (which includes an adjustment of 0.10%), BBSW = one-month Bank Bill Swap Rate, CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%), EURIBOR = one-month Euro Interbank Offered Rate, BKBM = one-month Bank Bill Reference Rate.
(3)Pursuant to the Amended and Restated Syndicated Facility Agreement, the Senior Unsecured Revolving Credit Facility matures in June of 2030; however, the terms of the agreement include an option for two six-month extensions past the amended contractual maturity date in June of 2030.
Senior Unsecured Credit Facility Amendment
In June of 2026, the Company entered into an Amended and Restated Syndicated Facility Agreement (“Senior Unsecured Credit Facility”) that amended and restated the prior agreement dated August 23, 2022. The amendment increased the Term Loan A-2 tranche by C$100 million, added a new A$230 million AUD Term Loan Facility, extended the maturity dates associated with certain borrowings within the facility, and modified the pricing grid applicable to certain borrowings. Outstanding borrowings continue to bear interest at variable rates based on SOFR or the applicable alternative currency benchmark rate plus an applicable margin determined by the Company's debt ratings.
The Senior Unsecured Term Loan consists of various tranches. Tranche A-1 consists of a $375 million USD term loan. Pursuant to the Amended and Restated Syndicated Facility Agreement, the terms of the agreement include an option for four three-month extensions past the previously extended contractual maturity date in August 2026.
Tranche A-2 consists of a C$350 million term loan, an increase from the previous amount of C$250 million. Pursuant to the Amended and Restated Syndicated Facility Agreement, the maturity date was extended to June 2031 from the previous maturity date of January 2028, and does not have any extension options. The C$100 million increase was fully borrowed in June of 2026 and the proceeds were used to repay a portion of loans drawn under the Senior Unsecured Revolving Credit Facility.
Tranche A-3 consists of a $270 million USD term loan delayed draw facility, which matures in January 2028 and does not have any extension options.
The 2025 Unsecured Term Loan is comprised of a $250 million USD term loan delayed draw facility. The 2025 Unsecured Term Loan originally included an option for one six-month extension past the initial contractual maturity date in June 2026. In May 2026, the Company entered into an amendment to replace the original six-month extension option with two three-month extension options past the initial contractual maturity date in June
2026. In May 2026, the Company exercised the first three-month extension, which extended the maturity date to September 2026. Subsequently, in June 2026, the Company entered into the Amended and Restated Syndicated Facility Agreement which allows for two additional three-month extension options past the amended contractual maturity date in September 2026.
The Amended and Restated Syndicated Facility Agreement provided for a A$230 million AUD Term Loan Facility with a maturity date of June 2031 and no extension options. The AUD Term Loan Facility bears interest at a rate of BBSW + 0.90% and interest is payable monthly with the first payment occurring on July 31, 2026. The AUD Term Loan Facility was fully borrowed in June of 2026 and the proceeds were used to repay a portion of loans drawn under the Senior Unsecured Revolving Credit Facility.
The Senior Unsecured Revolving Credit Facility is comprised of a $575 million U.S. dollar component and a $575 million U.S. dollar equivalent, multi-currency component. Pursuant to the Amended and Restated Syndicated Facility Agreement, the maturity date was extended to June 2030 from the previous maturity date of August 2026; however, the Company has the option to extend the maturity up to two times, each for a six-month period.
In connection with the Amended and Restated Syndicated Facility Agreement, the Company incurred approximately $11.1 million of debt issuance costs, of which $2.7 million was recorded within “Senior unsecured notes and term loans - net of deferred financing costs” in the accompanying Condensed Consolidated Balance Sheets, and $8.4 million related to the Revolving Credit Facility was recorded within “Other assets” in the accompanying Condensed Consolidated Balance Sheets.
Public Debt Offerings
On April 3, 2025, we completed an underwritten public offering of $400.0 million aggregate principal amount of the Operating Partnership’s 5.600% senior unsecured notes (the “Public 5.600% Notes”) due May 15, 2032. The Public 5.600% Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Company, Americold Realty Operations, and certain subsidiaries of the Operating Partnership. Further details of this offering are described in Note 9 - Debt to the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. The Public 5.600% Notes bear interest at a rate of 5.600% per year, and interest is payable semi-annually on May 15 and November 15 of each year, with the first payment occurring on November 15, 2025. The proceeds from the issuance of the Public 5.600% Notes were used to repay a portion of borrowings previously outstanding.
Refer to Note 9 - Debt to the Consolidated Financial Statements in the Company’s 2025 Annual Report on Form 10-K as filed with the SEC for further details of our outstanding indebtedness.
As of June 30, 2026, we were in compliance with all debt covenants.