DEBT OBLIGATIONS

6 Months Ended

Jun. 30, 2025

DEBT OBLIGATIONS

DEBT OBLIGATIONS

(10) DEBT OBLIGATIONS

Debt obligations consist of the following:

		As of
(in millions)		June 30, 2025		December 31, 2024
Credit Facility:
Revolving credit agreement	$	965.1	$	520.4
Notes:
0.75% convertible notes, unsecured, due 2049		33.2		525.0
1.375% Senior Notes, due 2026		707.2		621.5
Uncommitted credit agreements		700.0		250.0
Other obligations		36.2		37.7
Total debt obligations		2,441.7		1,954.6
Unamortized debt issuance costs		(5.9)		(7.5)
Carrying value of debt		2,435.8		1,947.1
Short-term debt obligations and current maturities of long-term debt obligations		(1,433.5)		(812.7)
Long-term debt obligations	$	1,002.3	$	1,134.4

Credit Facility

On December 17, 2024, the Company amended its revolving credit agreement (the “Credit Facility”) to increase the facility from $1.25 billion to $1.9 billion and to extend the expiration to December 17, 2029. The amended Credit Facility includes a multi-currency borrowing tranche totaling $1,685 million and a U.S. dollar borrowing tranche totaling $215 million. The amended Credit Facility also removes the credit spread adjustment on SOFR and SONIA borrowings. All other terms remain substantially the same as the existing Credit Facility. The multi-currency tranche of the revolving Credit Facility contains a sublimit of up to $500 million for the issuance of letters of credit, a $75 million sublimit for U.S. dollar swingline loans and a $75 million sublimit for swingline loans in euros or British pounds sterling. The multi-currency tranche of the Credit Facility allows for borrowings in British pounds sterling, euro and U.S. dollars. Subject to certain conditions, the Company has the option to increase the Credit Facility by up to an additional $500 million by requesting additional commitments from existing or new lenders.

Borrowings under the revolving Credit Facility (other than swing line loans) bear interest based on a margin over a secured financing rate or the base rate, as selected by the Company, which varies from 0.875% to 1.375%, in each case based on the Company’s current credit rating. The applicable margin for borrowings under the Credit Facility, based on the Company’s current credit rating is 1.075%. In addition, the Company pays a facility fee on the total commitments made under the revolving Credit Facility, which varies from 0.125% to 0.250%. The current facility fee is 0.175%.

The agreement contains customary affirmative and negative covenants, events of default and financial covenants, including (all as defined in the Credit Facility): (i) a Consolidated Total Leverage Ratio, depending on certain circumstances defined in the Credit Facility, not to exceed a range between 3.53.5 to 1.01.0 and 4.54.5 to 1.01.0; and (ii) a Consolidated Interest Coverage Ratio of not less than 3.03.0 to 1.01.0. Subject to meeting certain customary covenants (as defined in the Credit Facility), the Company is permitted to repurchase common stock and debt. The Company was in compliance with all debt covenants as of June 30, 2025.

Convertible Notes

On March 18, 2019, the Company completed the sale of $525.0 million of Convertible Senior Notes ("Convertible Notes"). The Convertible Notes mature in March 2049 unless redeemed or converted prior to such date, and are convertible into shares of Euronet common stock at a conversion price of approximately $188.73 per share if certain conditions are met (relating to the closing price of Euronet common stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require the Company to purchase their notes on each of March 15, 2025, March 15, 2029, March 15, 2034, March 15, 2039 and March 15, 2044 at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In connection with the issuance of the Convertible Notes, the Company recorded $12.8 million in debt issuance costs, which were amortized through March 1, 2025. Almost all of the holders exercised their right to require the Company to repurchase their notes in March 2025, and we repurchased the tendered Convertible Notes at that time with a combination of cash on hand and a borrowing under our Credit Facility.  As of June 30, 2025, $33.2 million of the Convertible Notes remain outstanding.

1.375% Senior Notes due 2026

On May 22, 2019, the Company completed the sale of €600.0 million ($669.9 million) aggregate principal amount of Senior Notes that are due in May 2026 (the “Senior Notes”). The Senior Notes accrue interest at a rate of 1.375% per year, payable annually in arrears commencing May 22, 2020, until maturity or earlier redemption. As of June 30, 2025, the Company has outstanding €600.0 million ($707.2 million) principal amount of the Senior Notes. In addition, the Company may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest.

Uncommitted Credit Agreements

On June 20, 2025, the Company entered into an Uncommitted Loan Agreement, fully drawn and outstanding at June 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than June 19, 2026.  The amount of this Uncommitted Line of Credit shall be no more than (i) on or before September 30, 2025, $400 million and (ii) on and after October 1, 2025, $250 million. The loan had an outstanding balance of $400 million at June 30, 2025. The loan is a Prime Rate Loan, a Daily SOFR Rate Loan plus 1.00% or shall bear interest at the rate agreed to by the Bank and the Company at the time such loan is made. The weighted-average interest rate from loan inception date to June 30, 2025, was 5.32%. 

On June 27, 2025, the Company entered into an Uncommitted Loan Agreement for $300 million, fully drawn and outstanding at June 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025. The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.25% or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such Loan is made. The weighted-average interest rate from the loan inception date to June 30, 2025 was 5.54%.

Other obligations

Certain of our subsidiaries have available credit lines and overdraft facilities to generally supplement short-term working capital requirements, when necessary. On October 9, 2024, the Company completed a facility of MYR 100 million and an overdraft facility of MYR 140 million for its Malaysian business. Each advance under this facility shall be made for a term of one month or such other period of up to 12 months. As of June 30, 2025 $23.8 million was borrowed under this facility. Including the Malaysian facility, there was a total of $36.2 million outstanding under our subsidiaries credit lines and overdraft facilities as of June 30, 2025. 

Debt Issuance Costs

As of June 30, 2025, the Company had unamortized debt issuance costs of $4.8 million for the Credit Facility and $1.1 million for the Senior Notes that will be amortized through October 2027 and May 2026,  respectively.