Long-Term Debt and Credit Agreements

3 Months Ended

Mar. 31, 2025

The following table includes a summary of the Company’s long-term debt:


(In millions)	March 31, 2025		December 31, 2024
Private placement senior notes:
3.77% senior notes due September 18, 2026	$	250	$	250
Senior notes:
3.90% senior notes due May 15, 2027	750		750
4.375% senior notes due March 15, 2029	500		500
5.60% senior notes due March 15, 2034	500		500
5.40% senior notes due February 15, 2035	750		750
5.90% senior notes due February 15, 2055	750		750
Term loan:
Tranche A term loan due January 27, 2027	250		—
Tranche B term loan due January 17, 2028	500		—

	4,250		3,500
Unamortized debt premium	64		69
Unamortized debt discount	(10)		(10)
Unamortized debt issuance costs	(24)		(24)


Long-term debt	$	4,280	$	3,535

As of March 31, 2025, the Company was in compliance with all financial covenants for its term loan, revolving credit agreement, and 3.77% private placement senior notes.

As of March 31, 2025, the Company had no borrowings outstanding under its revolving credit agreement and unused commitments of $2.0 billion.

Term Loan

In December 2024, the Company entered into a delayed draw term loan credit agreement with Toronto Dominion (Texas), LLC, as administrative agent, and certain other lenders and issuing banks (the “Term Loan”), which consists of a $500 million Tranche A Term Loan and a $500 million Tranche B Term Loan. In January 2025, the Company borrowed $500 million under the Tranche A Term Loan to partially fund the FME Interests acquisition and $500 million under the Tranche B Term Loan to partially fund the Avant assets acquisition. During the first quarter of 2025, the Company repaid $250 million of the Tranche A Term Loan.

During the three months ended March 31, 2025, the weighted-average effective interest rate on the Company’s Term Loan was approximately 6 percent. As of March 31, 2025, the effective interest rate on the Company’s Term Loan was approximately 6 percent.