Financing Arrangements

12 Months Ended

Dec. 31, 2024

Debt consists of the following:


			Carrying Value at
	Maturity Date	Interest Rate at December 31, 2024	December 31, 2024		December 31, 2023

Senior Notes due 2027	April 15, 2027	6.625%	$	350.0	$	350.0

Revolving credit facility	January 14, 2027	6.15%	248.6		263.5


Finance leases	Various	Various	17.0		16.3
Other	Various	Various	13.1		15.9
Total debt			628.7		645.7
Less: Current portion of long-term debt and short-term debt			(8.4)		(9.4)

Less: Unamortized debt issuance costs			(2.0)		(2.9)
Total long-term debt, net			$	618.3	$	633.4

In September 2023, Park-Ohio Industries, Inc. (“Park-Ohio”), the operating subsidiary of the Company, amended its Seventh Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in the amount of $405.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, Park-Ohio has the option to increase the availability under the revolving credit facility by an aggregate incremental amount up to $70.0 million. The Credit Agreement matures on January 14, 2027. As of December 31, 2024, we had borrowing availability of $133.5 million under the Credit Agreement.

In April 2017, Park-Ohio completed the issuance, in a private placement, of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and the Notes mature on April 15, 2027. The Notes are unsecured senior obligations of Park-Ohio and are guaranteed on an unsecured senior basis by the 100% owned material domestic subsidiaries of Park-Ohio.

The following table represents fair value information of the Notes, classified as Level 1, at December 31, 2024 and 2023. The fair value was estimated using quoted market prices.


	December 31, 2024		December 31, 2023

Carrying amount	$	350.0	$	350.0
Fair value	$	344.3	$	330.2

Maturities of short-term and long-term debt, excluding finance leases, during each of the five years subsequent to December 31, 2024 are as follows:



2025	$	5.1
2026	$	2.6
2027	$	601.0
2028	$	0.7
2029	$	0.7

Foreign subsidiaries of the Company had $10.3 million of borrowings at December 31, 2024 and $11.8 million at December 31, 2023.

We had outstanding bank guarantees and letters of credit under our credit arrangements of approximately $38.5 million at December 31, 2024 and $32.8 million at December 31, 2023.

The weighted average interest rate on all debt was approximately 7.0% in 2024, 6.6% in 2023 and 5.1% in 2022.