As of December 31, 2024 and September 30, 2024, we had the following debt obligations:


(in thousands)	December 31, 2024			September 30, 2024
4.000% Senior notes due 2028	$	500,000		$	500,000
3.625% Senior notes due 2025		500,000			500,000
Credit facility revolver line(1)(2)		60,000			262,000
Credit facility term loan(1)(2)		487,500			490,625
Total debt		1,547,500			1,752,625
Unamortized debt issuance costs for the senior notes(3)		(3,509	)		(4,053	)
Total debt, net of issuance costs(4)	$	1,543,991		$	1,748,572

(1)

Unamortized debt issuance costs related to the credit facility were $2.3 million included in Other current assets and $5.8 million included in Other assets on the Consolidated Balance Sheet as of December 31, 2024 and $2.3 million included in Other current assets and $5.2 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2024.

(2)

The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028. The term loan began amortizing in March 2024, with payments of $18.8 million remaining in 2025, $25.0 million in 2026 and 2027, and $418.7 million in 2028.

(3)

Of the unamortized debt issuance costs for the senior notes, $0.1 million was included in Current portion of long-term debt and $3.4 million was included in Long-term debt on the Consolidated Balance Sheet as of December 31, 2024 and $0.4 million was included in Current portion of long-term debt and $3.6 million was included in Long-term debt on the Consolidated Balance Sheet as of September 30, 2024.

(4)

As of December 31, 2024, $524.9 million of debt was classified as short term, including $499.9 million associated with the 2025 senior notes and related debt issuance costs and $25.0 million associated with the credit facility term loan. As of September 30, 2024, $521.5 million of debt was classified as short term, including $499.6 million associated with the 2025 senior notes and related debt issuance costs and $21.9 million associated with the credit facility term loan.

In February 2020, we issued $500 million in aggregate principal amount of 4.0% senior, unsecured long-term debt at par value, due in 2028 (the 2028 notes) and $500 million in aggregate principal amount of 3.625% senior, unsecured long-term debt at par value, due in February 2025 (the 2025 notes).

As of December 31, 2024, the total estimated fair value of the 2028 and 2025 notes was approximately $474.9 million and $500.2 million, respectively, based on quoted prices for the notes on that date.

We were in compliance with all the covenants for all our senior notes as of December 31, 2024.

Our credit facility consists of (i) a $1.25 billion revolving credit facility, (ii) a $500 million term loan credit facility, and (iii) an incremental facility pursuant to which we may incur additional term loan tranches or increase the revolving credit facility. On October 1, 2024, we entered into an amendment to our credit facility which removed a repayment obligation as of November 16, 2024 in the event that the 2025 notes had not been redeemed or refinanced as of that date.

As of December 31, 2024, unused commitments under our credit facility were $1,190.0 million and amounts available for borrowing were $1,174.5 million.

As of December 31, 2024, the fair value of our credit facility approximates its book value.

PTC and certain eligible foreign subsidiaries are eligible borrowers under the credit facility. As of December 31, 2024, no funds were borrowed by an eligible foreign subsidiary borrower.

Loans under the credit facility bear interest at variable rates. As of December 31, 2024, the annual rate for borrowings outstanding was 5.9%. A quarterly revolving commitment fee on the undrawn portion of the revolving credit facility is required, ranging from 0.175% to 0.325% per annum, based upon our total leverage ratio.

As of December 31, 2024, we were in compliance with all financial and operating covenants of the credit facility.

In the three months ended December 31, 2024 and December 31, 2023, we incurred interest expense on our debt of $22.0 million and $35.3 million, respectively. The average interest rate on borrowings outstanding was approximately 4.7% and 5.7% during the three months ended December 31, 2024 and December 31, 2023, respectively.