v3.26.1
Long-Term Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
(thousands of U.S. dollars)
As of June 30, 2026Gross AmountUnamortized Debt Issuance CostsUnamortized Debt DiscountNet Amount
Secured Notes due 2031$750,000 $(2,840)$— 747,160 
Term Loan due 20311,415,915 (6,512)(17,106)1,392,297 
2,165,915 (9,352)(17,106)2,139,457 
Less current portion14,159 (65)(171)13,923 
Long-Term debt$2,151,756 $(9,287)$(16,935)$2,125,534 
(thousands of U.S. dollars)
As of December 31, 2025Gross AmountUnamortized Debt Issuance CostsUnamortized Debt DiscountNet Amount
Secured Notes due 2031$750,000 $(3,129)$— 746,871 
Term Loan due 20311,419,472 (6,618)(19,028)1,393,826 
2,169,472 (9,747)(19,028)2,140,697 
Less current portion14,230 (66)(191)13,973 
Long-Term Debt$2,155,242 $(9,681)$(18,837)$2,126,724 
Debt Facilities
Under the debt agreements summarized below, at June 30, 2026, we and Sotera Health Holdings, LLC (“SHH”), our wholly owned subsidiary, had debt payment obligations under (a) a term loan in the amount of $1,415.9 million, (b) a revolving credit facility, which supported operationally-related letters of credit but was otherwise undrawn, and which provides us with capacity of up to $600.0 million for future potential borrowings, and (c) $750.0 million of senior secured notes. Our debt agreements also include additional covenants, conditions and rights to request additional debt, as summarized below.
Senior Secured Credit Facilities and Indenture
On December 13, 2019, SHH entered into senior secured first lien credit facilities (the “Senior Secured Credit Facilities”), consisting of both a prepayable senior secured first lien term loan (the “Term Loans”) and a senior secured first lien revolving credit facility (the “Revolving Credit Facility”) pursuant to a first lien credit agreement (as amended through Amendment No. 7, the “Credit Agreement”). The Senior Secured Credit Facilities also provide SHH the right at any time and under certain conditions to request incremental term loans or incremental revolving credit commitments based on a formula defined in the Senior Secured Credit Facilities.
On May 20, 2026, SHH, the Company, certain subsidiaries of the Company, each 2026 Refinancing Term Lender (as defined in the Credit Agreement) and JPMorgan Chase Bank, N.A., as first lien Administrative Agent entered into Amendment No. 7 (“Amendment No. 7”) to the Credit Agreement. Among other changes, Amendment No. 7 provides for refinancing lenders to provide repriced Term Loans to SHH in an aggregate principal amount of $1,415.9 million. Amendment No. 7 reduced the interest rate spread by 0.25% across Term Loans under the facility. The Term Loans under the credit facility shall have an applicable interest rate margin equal to Adjusted Term SOFR (as defined in the Credit Agreement) plus 2.25%, with a 0.00% floor (with optionality for the Company to elect Alternate Base Rate plus 1.25% or Adjusted Daily Simple SOFR plus 2.25% (each as defined in the Credit Agreement)). The Term Loans are also subject to a “soft call” premium of 1.00% for certain repricing transactions with respect to the Term Loans that occur within the six-month period after the effective date of the Amendment. The Term Loans amortize at a rate of 1.00% per annum and mature on May 30, 2031.
The weighted average interest rates on borrowings under the Term Loans for the three months ended June 30, 2026 and June 30, 2025 were 6.03% and 7.55%, respectively, and 6.13% and 7.60% for the six months ended June 30, 2026 and 2025, respectively.
On May 30, 2024, SHH, the Company, certain subsidiaries of the Company, and Wilmington Trust, National Association, as trustee, paying agent, registrar, transfer agent and notes collateral agent, entered into an Indenture (the “Indenture”) governing SHH’s $750.0 million aggregate principal amount of 7.375% senior secured notes due 2031 (the “Secured Notes”) issued in May 2024. The Secured Notes pay interest semiannually in arrears on June 1 and December 1 of each year, which began on December 1, 2024, at a rate of 7.375% per year, and will mature on June 1, 2031.
Outstanding letters of credit are collateralized by encumbrances against the Revolving Credit Facility and the collateral pledged thereunder, or by cash placed on deposit with the issuing bank. As of June 30, 2026, the Company had $8.3 million of letters of credit issued against the Revolving Credit Facility, resulting in total availability under the Revolving Credit Facility of $591.7 million.