v3.26.3
Long-term debt - current and non-current
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Long-term debt - current and non-current 8. Long-term debt - current and non-current
The Company's current and non-current portions of long-term debt are comprised of the following:
(in millions of $)September 30, 2026December 31, 2025
Long-term debt - net2,596.1 2,647.4 
Current portion of Long-term debt -net15.2 11.4 
Total2,611.3 2,658.8 
Unamortized issuance costs deducted from debt were $8.8 million and $14.0 million as of September 30, 2026 and December 31, 2025, respectively.
Available facilities as of September 30, 2026 are:
Facility drawn
Nominal Amount (a)Currency
Rate / Margin (b)
Maturity
Term Loan B – EUR
1,100.0 EUR
Euribor + 1.75% (0% floor)
11/2/2031
Term Loan B – USD
1,339.5 USD
SOFR + 1.75% (0% floor)
11/2/2031
Term Facility - CAD49.0 CAD
CORRA + 1.36%
9/25/2030
Facility undrawn
Revolving Credit Facility (RCF)
210.0 
EUR
SOFR/Euribor + 2.00%
5/2/2031
Ancillary Facility – ERSTE Bank (c)
40.0 
EUR
SOFR/Euribor + 2.00%
7/31/2027
Ancillary Facility – HELABA
50.0 
EUR
SOFR/Euribor + 2.00%
5/2/2031
(a) Nominal amounts without principal amortization payments.
(b) The table includes the conditions as of September 30, 2026 and loans bear variable interest rates based on Secured Overnight Finance Rate ("SOFR"), Euro Interbank Offered Rate ("EURIBOR") or Canadian Overnight Repo Rate Average (''CORRA'') plus applicable margins depending on the leverage ratios.
(c) $39.7 million of the ERSTE Bank ancillary facility line was temporarily allocated to the supplier finance program as of September 30, 2026.
Interest expense on loans & borrowings (including the effect of hedging) were $32.1 million and $26.8 million for the three months ended September 30, 2026 and 2025 and $101.0 million and $82.8 million for the nine months ended September 30, 2026 and 2025, respectively.
Amortization of issuance costs and debt extinguishment costs were $0.9 million and $1.0 million for the three months ended September 30, 2026 and 2025 and $8.7 million and $3.1 million for the nine months ended September 30, 2026 and 2025, respectively.
The following table summarizes the undiscounted future cash outflows of the Company’s long-term debt including interest:
(in millions of $)20262027202820292030ThereafterTotal
Principal3.8 15.8 14.6 14.7 44.8 2,526.4 2,620.1 
Interest32.6 128.9 128.5 127.3 126.2 104.5 648.0 
Total
36.4 144.7 143.1 142.0 171.0 2,630.9 3,268.1 
On February 16, 2026, the Company amended the SFA and refinanced the Facility B2. Following the amendment, commitments under the Facility B (EUR) and Facility B (USD) were €1,100.0 million and $1,339.5 million, respectively. The amendment lowered the margin of Facility B (EUR) and Facility B (USD) to 2.5% and 2.0%, which resulted in effective margins used to amortize debt issuance costs of 2.56% and 2.06%, respectively (please refer above for the structure of effective interest rate). As a result of the amended SFA, the facilities will mature on November 2, 2031. The Euro-denominated loan facility is to be repaid at maturity, the U.S. dollar-denominated facility requires quarterly installment payments of $3.3 million beginning mid-2026.
Upon the closing of the IPO on June 5, 2026, the margin (at each level of the margin ratchet) applicable to the Term Loan B facilities and the RCF was reduced by 0.50% per annum (subject to a minimum floor of 1.75% applicable to Consolidated Term Loan B – USD only). The applicable margins for Term Loan B – EUR, Term Loan B – USD and RCF are determined by reference to the Performance Ratio and remain subject to reduction upon deleveraging of the Performance Ratio in accordance with the margin ratchet provisions in the SFA. As of September 30, 2026, €1,100.0 million and $1,332.8 million were outstanding under Term Loan B – EUR and Term Loan B – USD, respectively, and the applicable margin for each facility was 1.75%.
The Company evaluated the February 16, 2026 refinancing under ASC 470-50, Debt - Modifications and Extinguishments, to determine whether the transaction represented a debt modification or extinguishment. This evaluation was performed on a lender-by-lender basis and considered changes in lender participation and whether changes in terms were substantial. For lenders that exited the syndicate, the refinancing was accounted for as a debt extinguishment, and the related unamortized debt issuance costs were expensed. For lenders that reduced their commitments, a proportionate amount of previously capitalized financing costs was expensed. For continuing lenders whose modified terms did not result in a change in the present value of future cash flows exceeding 10%, the refinancing was accounted for as a debt modification, with third-party fees expensed.
As a result of the refinancing, the Company expensed $3.0 million of unamortized debt issuance costs related to the portions of the SFA accounted for as extinguishments and continues to amortize $8.2 million of deferred financing costs related to the portion of debt that remained outstanding and was accounted for as a modification. In addition, the Company incurred new financing costs of $3.3 million, which were expensed in accordance with the ASC 470 assessment.
The Company also has access to a revolving credit facility ("RCF") and ancillary facilities.
In June 2026, the Company executed an amend and extend transaction for the RCF of $225 million and the €250 million guarantee facility. The RCF was increased and redenominated from $225.0 million (comprising of $140.0 million RCF, $45.0 million ancillary facility with Landesbank Hessen-Thüringen Girozentrale, as well as a $40.0 million ancillary facility with Erste Group Bank AG) to €300.0 million (comprising of €210.0 million RCF, €50.0 million ancillary facility with Landesbank Hessen-Thüringen Girozentrale, as well as a €40.0 million ancillary facility with Erste Group Bank AG).
As part of the transaction, the maturity of the €250.0 million guarantee facility, the €210.0 million RCF and the €50.0 million ancillary facility with Landesbank Hessen-Thüringen Girozentrale was extended from May 2028 to May 2031. As a result of the refinancing, the Company incurred total new financing costs of $3.8 million in the nine months ended September 30, 2026, ($0.5 million incurred in the 3 months to ended September 2026) which were capitalized in accordance with the ASC 470 assessment and will be amortized over the facility term.
Separately in June 2026, the maturity of the €40.0 million ancillary facility with Erste Group Bank AG was extended from July 2026 to July 2027 (subject to annual extension).
The RCF is subject to an annual commitment fee equal to 30% of the applicable revolving facility margin, calculated on the undrawn amount of the RCF.
The Company's borrowings are primarily secured by a pledge of shares in subsidiaries, liens over the Company’s bank accounts along with certain assets of the Company, mainly relating to the North American subsidiaries. The total assets pledged as collateral in connection with the Company’s borrowing arrangements were:
(in millions of $)September 30, 2026December 31, 2025
Cash and cash equivalents798.6 430.4 
Accounts receivable - net149.7 78.4 
Inventories512.5 221.4 
Other current assets20.8 8.4 
Property, plant, and equipment - net148.9 106.3 
Intangible assets - net26.1 27.8 
Other non-current assets18.6 10.0 
Total
1,675.2 882.7 
The Company was in compliance with all applicable financial covenants as of September 30, 2026 and December 31, 2025. In the event of non-compliance with the financial covenants or the occurrence of an event of default under the Senior Facilities Agreement ("SFA"), the lenders may, at their discretion, exercise remedies available under the agreement, including acceleration of outstanding borrowings. Fees related to the unused portions of the facilities were not material for the nine months ended September 30, 2026 and 2025.