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Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
(In thousands)
Senior Unsecured Notes$2,733,611 $2,226,524 
Senior Unsecured Term Loans828,706 818,820 
Senior Unsecured Revolving Credit Facility293,570 255,052 
Total principal amount of indebtedness3,855,887 3,300,396 
Less: unamortized deferred financing costs
(17,486)(13,882)
Total indebtedness, net of deferred financing costs
$3,838,401 $3,286,514 
On April 3, 2025, pursuant to the Registration Statement further described in Note 1 - General to these Condensed Consolidated Financial Statements, we completed an underwritten public offering of $400.0 million aggregate principal amount of the Operating Partnership’s 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. 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.
In connection with the Public 5.600% Notes issuance in April 2025, we executed three treasury lock hedge transactions in March of 2025 to hedge the risk-free treasury yield component of the overall rate ultimately assigned to the $400.0 million public debt offering. The treasury locks were tied to $300.0 million of the principal and secured a treasury yield range of 4.0957% to 4.0985%. The transactions settled on March 25, 2025, when the notes were priced, and included proceeds of $1.3 million, which were recognized as a gain within "Accumulated other comprehensive loss" on the Condensed Consolidated Balance Sheets as of June 30, 2025. These amounts are amortized on a straight-line basis as a decrease to “Interest expense” over the term of the Public 5.600% Notes, beginning in April 2025.
In connection with the issuance of the Public 5.600% Notes, we incurred approximately $4.2 million of debt issuance costs. Additionally, the notes were priced at 99.862% of the principal amount which resulted in a discount amount of $0.6 million. The total of debt issuance costs incurred, including the discount, was approximately $4.8 million. The unamortized balance of the debt issuance costs and discount are included in “Senior unsecured notes and term loans - net of deferred financing costs” on the Condensed Consolidated Balance Sheets and totaled $4.6 million as of June 30, 2025. These costs are amortized to “Interest expense” over the term of the Public 5.600% Notes, beginning in April 2025, using the effective interest method.
The Public 5.600% Notes may be redeemed at the option of the Company. Prior to March 15, 2032, the Public 5.600% Notes may be redeemed at our option, in whole or in part, at any time and from time to time, at the Operating Partnership’s option and sole discretion, at a redemption price equal to the greater of (i) 100% of the principal amount of the Public 5.600% Notes being redeemed, or (ii) a make-whole premium calculated in accordance with the indenture, plus, in either case, unpaid interest accrued thereon to, but excluding the
redemption date. On or after March 15, 2032, the Public 5.600% Notes may be redeemed at our option, in whole or in part, at any time and from time to time, at a redemption price in cash equal to 100% of the principal amount of the Public 5.600% Notes to be redeemed, plus any unpaid interest accrued thereon to, but excluding, the redemption date.
The Public 5.600% Notes require that we maintain at all times a minimum maintenance of total unencumbered assets value of not less than 150% of the aggregate principal amount of all outstanding unsecured debt of the Company, the Operating Partnership and their respective subsidiaries on a consolidated basis. The Public 5.600% Notes also contain certain financial covenants required on a quarterly or occurrence basis, as defined in the offering prospectus, including:
•a maximum total indebtedness to total assets ratio of less than 0.60 to 1.00;
•a maximum total secured indebtedness to total assets ratio of less than 0.40 to 1.00; and
•a minimum interest coverage ratio of not less than 1.50 to 1.00.
The indenture governing the Public 5.600% Notes contains additional covenants customary for similar offerings, including, without limitation, that any subsidiary which becomes a co-borrower, guarantor or otherwise becomes obligated under our Senior Unsecured Term Loans or Senior Unsecured Revolving Credit Facility must also fully and unconditionally guarantee the Public 5.600% Notes.
The following table provides additional details of our Senior Unsecured Notes as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Private Series A Notes
01/20264.68%$200,000 $200,000 $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%€400,000 471,259 €400,000 414,146 
Private Series E Notes
01/20331.65%€350,000 412,352 €350,000 362,378 
Public 5.600% Notes
05/20325.60%$400,000 400,000 $— — 
Public 5.409% Notes
09/20345.41%$500,000 500,000 $500,000 500,000 
Total Senior Unsecured Notes
$2,733,611 $2,226,524 
The following table provides additional details of our Senior Unsecured Term Loans as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Stated Maturity Date(1)
Contractual Interest Rate(2)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(2)
Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Tranche A-108/2026
SOFR + 0.94%
$375,000 $375,000 
SOFR + 0.94%
$375,000 $375,000 
Tranche A-201/2028
CORRA + 0.94%
C$250,000 183,706 
CORRA + 0.94%
C$250,000 173,820 
Delayed Draw Tranche A-301/2028
SOFR + 0.94%
$270,000 270,000 
SOFR + 0.94%
$270,000 270,000 
Total Senior Unsecured Term Loans
$828,706 $818,820 
(1)The terms of the debt agreement for Tranche A-1 include an option for two twelve-month extensions past the original contractual maturity date in August of 2025. In June 2025, the Company exercised the first twelve-month extension, which extended the maturity date to August of 2026. The Company retains the right to exercise the second twelve-month extension to extend the maturity date to August of 2027.
(2)SOFR = adjusted one-month SOFR (which includes an adjustment of 0.10%), CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%). Refer to Note 5 - Derivative Financial Instruments for details of the related interest rate swaps.
The following table provides additional details of our Senior Unsecured Revolving Credit Facility as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Denomination of Draw(In thousands, except percentages)
U.S. dollar
SOFR + 0.84%
$— $— 
SOFR + 0.84%
$14,000 $14,000 
Australian dollar
BBSW + 0.84%
A$207,500 136,545 
BBSW + 0.84%
A$197,000 121,908 
Canadian dollar
CORRA + 0.84%
C$65,000 47,764 
CORRA + 0.84%
C$35,000 24,335 
Euro
EURIBOR + 0.84%
€70,500 83,059 
EURIBOR + 0.84%
€70,500 72,993 
New Zealand dollar
BKBM + 0.84%
NZ$43,000 26,202 
BKBM + 0.84%
NZ$39,000 21,816 
Total Senior Unsecured Revolving Credit Facility(2)
$293,570 $255,052 
(1)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.
(2)The Senior Unsecured Revolving Credit Facility matures in August of 2026; however, the terms of the debt agreement include an option for two six-month extensions past the contractual maturity date.
Refer to Note 9 - Debt to the Consolidated Financial Statements in the Company’s 2024 Annual Report on Form 10-K as filed with the SEC for further details of our outstanding indebtedness.
As of June 30, 2025, we were in compliance with all debt covenants.