v3.26.1
Debt
 6 Months Ended
Aug. 02, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
August 2, 2026February 1, 2026
PrincipalUnamortized Discount and Debt Issuance CostsPrincipalUnamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
Senior Term Loan due July 2028$— $— $15 $— 
Senior Term Loan due February 20319 — 9 — 
Senior Term Loan due July 20338 — — — 
17 — 24 — 
Long-term debt:
Senior ABL Credit Facility due April 2031— — — — 
Senior Term Loan due July 2028— — 1,218 9 
Senior Term Loan due February 2031919 8 924 9 
Senior Term Loan due July 2033792 12 — — 
Senior Notes due July 2034750 9 — — 
2,461 29 2,142 18 
Total$2,478 $29 $2,166 $18 
The Company’s debt obligations as of August 2, 2026 include the following debt agreements:
Senior Term Loan Credit Facility
Core & Main LP has entered into a Senior Term Loan Credit Facility (as defined herein) under which it can incur tranches of indebtedness. On July 1, 2026, Core & Main LP entered into an amendment to the Senior Term Loan Credit Facility in order to, among other things, refinance the remaining balance of the $1,500 million senior term loan that would have matured on July 27, 2028 (the “2028 Senior Term Loan”) with a new $800 million senior term loan (the “2033 Senior Term Loan”), which matures on July 1, 2033. Core & Main LP utilized the proceeds from the 2033 Senior Term Loan and the 2034 Notes (as defined herein) to repay the outstanding balance of the 2028 Senior Term Loan. The 2033 Senior Term Loan requires quarterly principal payments on the last business day of each fiscal quarter in an amount equal to approximately 0.25% of the original principal amount. The remaining balance is payable upon final maturity of the 2033 Senior Term Loan on July 1, 2033. The 2033 Senior Term Loan bears interest at a rate equal to (i) term secured overnight financing rate (“Term SOFR”) plus, in each case, an effective applicable margin of 1.75% or (ii) the base rate, which will be the highest of (x) the corporate base rate established by the administrative agent as its prime rate in effect at its principal office in New York City from time to time, (y) the overnight federal funds rate plus 0.50% per annum and (z) one-month Term SOFR (adjusted for maximum reserves) plus 1.00% per annum, plus, in each case, an applicable margin of 0.75%. The 2033 Senior Term Loan is subject to a Term SOFR “floor” of 0.00%. The weighted average interest rate, excluding the effect of the interest rate swap, of Core & Main LP’s outstanding borrowings under the 2033 Senior Term Loan as of August 2, 2026 was 5.48%. See further discussion of the interest rate swap below. Based on quotes from financial institutions (i.e., level 2 of the fair value hierarchy), the fair value of the 2033 Senior Term Loan was $798 million as of August 2, 2026.
Pursuant to the Senior Term Loan Credit Facility, Core & Main LP also entered into an additional $944 million senior term loan (the “2031 Senior Term Loan” and, together with the 2033 Senior Term Loan, the “Senior Term Loan Credit Facility”), which matures on February 9, 2031. The 2031 Senior Term Loan requires quarterly principal payments on the last business day of each fiscal quarter in an amount equal to approximately 0.25% of the original principal amount. The remaining balance is payable upon final maturity of the 2031 Senior Term Loan on February 9, 2031. The 2031 Senior Term Loan bears interest at a rate equal to (i) Term SOFR plus, in each case, an applicable margin of 2.00% or (ii) the base rate, which will be the highest of (x) the corporate base rate established by the administrative agent as its prime rate in effect at its principal office in New York City from time to time, (y) the overnight federal funds rate plus 0.50% per annum and (z) one-month Term SOFR (adjusted for maximum reserves) plus 1.00% per annum, plus, in each case an applicable margin of 1.00%. The 2031 Senior Term Loan is subject to a Term SOFR “floor” of 0.00%. The weighted average interest rate, excluding the effect of the interest rate swap, of Core & Main LP’s outstanding borrowings under the 2031 Senior Term Loan as of August 2, 2026 was 5.66%. See further discussion of the interest rate swap below. Based on quotes from financial institutions (i.e., level 2 of the fair value hierarchy), the fair value of the 2031 Senior Term Loan was $928 million as of August 2, 2026.
Asset-Based Credit Facility
On April 9, 2026, Core & Main LP entered into an amendment to the credit agreement governing its senior asset-based revolving credit facility (as amended, the “Senior ABL Credit Facility) in order to, among other things, extend the maturity from February 9, 2029 to April 9, 2031. The Senior ABL Credit Facility has a borrowing capacity of up to $1,250 million, subject to borrowing base availability. Borrowings under the Senior ABL Credit Facility bear interest at either a Term SOFR rate plus an applicable margin ranging from 1.25% to 1.50%, or an alternate base rate plus an applicable margin ranging from 0.25% to 0.50%, depending on the borrowing capacity under the Senior ABL Credit Facility. Additionally, Core & Main LP pays a fee of 0.25% on unfunded commitments under the Senior ABL Credit Facility. As of August 2, 2026 and February 1, 2026 there were no outstanding borrowings under the Senior ABL Credit Facility.
Senior 2034 Notes
On July 1, 2026, Core & Main LP issued senior unsecured notes in an aggregate principal amount of $750 million that mature on July 1, 2034 (the “2034 Notes”). The 2034 Notes rank equal in right of payment with all senior indebtedness of Core & Main LP. Interest on the 2034 Notes accrue at a rate of 6.0% per annum payable semi-annually in arrears on January 1 and July 1 of each year, commencing on January 1, 2027.
Core & Main LP may redeem the 2034 Notes, in whole or in part, at any time on or after July 1, 2029 at specified redemption prices starting at 103.0% and declining over time to 100.0%, plus accrued and unpaid interest. In addition, at any time prior to July 1, 2029, Core & Main LP may redeem the 2034 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2034 Notes to be redeemed, plus accrued and unpaid interest if any, plus an applicable “make-whole” premium. At any time prior to July 1, 2029, Core & Main LP may also redeem up to 40.0% of the aggregate principal amount of 2034 Notes with net cash proceeds of certain equity offerings at a redemption price equal to 106.0% of the principal amount of the 2034 Notes, plus accrued and unpaid interest if any. Based on quotes from financial institutions (i.e., level 2 of the fair value hierarchy), the fair value of the 2034 Notes was $747 million as of August 2, 2026.
The aforementioned debt agreements include customary affirmative and negative covenants, which include, among other things, restrictions on Core & Main LP’s ability to make distributions, pay dividends, create liens, incur additional indebtedness, make investments, dispose of assets and merge with or consolidate into any other person. The Senior Term Loan Credit Facility may require accelerated repayment based upon cash flows generated in excess of operating and investing requirements when the Consolidated Secured Leverage Ratio (as defined in the agreement governing the Senior Term Loan Credit Facility) is greater than or equal to 3.25. In addition, the Senior ABL Credit Facility requires Core & Main LP to comply with a consolidated fixed charge coverage ratio of greater than or equal to 1.00 when availability under the Senior ABL Credit Facility is less than 10.0% of the lesser of (i) the then applicable borrowing base or (ii) the then aggregate effective commitments. The Company was in compliance with all debt covenants as of August 2, 2026.
Substantially all of Core & Main LP’s assets are pledged as collateral for the Senior Term Loan Credit Facility and the Senior ABL Credit Facility.
The aggregate amount of debt payments for the remainder of fiscal 2026 and the next four full fiscal years are as follows:

Fiscal 2026
$9 
Fiscal 2027
17 
Fiscal 2028
17 
Fiscal 2029
17 
Fiscal 2030
17 
Interest Rate Swaps
Core & Main LP entered into an instrument pursuant to which it will make payments to a third party based upon a fixed interest rate of 3.913% and receive payments based upon the one-month Term SOFR rate. The interest rate swap has a notional amount of $1,500 million through the instrument maturity on July 27, 2028. The instrument is intended to reduce the Company’s exposure to variable interest rates under the Senior Term Loan Credit Facility. As of August 2, 2026, this instrument resulted in an effective fixed rate of 5.797%, based upon the 3.913% fixed rate plus a weighted effective applicable margin of 1.884%.
On July 27, 2026 Core & Main LP settled the balance related to the Company’s $700 million interest rate swap instrument and reclassified all other comprehensive income into earnings.
The fair value of the interest rate swap maturing on July 27, 2028 was a $5 million asset as of August 2, 2026, which is included within other assets in the Balance Sheet. The aggregate fair value of these cash flow interest rate swaps was a $20 million liability and a $10 million asset, respectively, as of February 1, 2026, which is included within other current liabilities and prepaid expenses and other current assets, respectively, in the Balance Sheet.
Three Months EndedSix Months Ended
Accumulated Other Comprehensive Income (Loss) August 2, 2026August 3, 2025August 2, 2026August 3, 2025
Beginning of period balance$(2)$7 $(7)$30 
Measurement adjustment gain (loss) for interest rate swap12 (3)24 (25)
Reclassification of income to interest expense(4)(8)(9)(16)
Tax (expense) benefit on interest rate swap adjustments
Measurement adjustment gain (loss) for interest rate swap(3)1 (6)6 
Reclassification of income to interest expense1 2 2 4 
End of period balance$4 $(1)$4 $(1)
The cash flows related to settlement of the interest rate swaps are classified in the consolidated statements of cash flows based on the nature of the underlying hedged items. Fair value is based upon the present value of future cash flows under the terms of the contract and observable market inputs (level 2). Significant inputs used in determining fair value include forward-looking one-month Term SOFR rates and the discount rate applied to projected cash flows.
As of August 2, 2026, the Company estimates $2 million of the cash flow interest rate swap net gains will be reclassified from accumulated other comprehensive income into earnings over the next 12 months.