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DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Revolving Credit Facility and Overdrafts
At December 31, 2024 and 2023, our revolving credit facility and overdrafts consisted of the following:
20242023
Revolving credit facility 3.80%
$176,035 $80,662 
Overdrafts
— 1,132 
$176,035 $81,794 
Aptar has a revolving credit facility (the "revolving credit facility") with a syndicate of banks that provides us with unsecured financing of up to $600 million, which may be increased by up to $300 million more, subject to the satisfaction of certain conditions. The revolving credit facility is available in the U.S. and to our wholly-owned UK subsidiary and could be drawn in various currencies including USD, EUR, GBP, and CHF. The revolving credit facility was set to mature in June 2026, but on July 2, 2024, Aptar entered into a new amended and restated agreement (the "amended revolving credit facility") that extended the maturity date to July 2029, subject to a maximum of two one-year extensions in certain circumstances. As of December 31, 2024, €170.0 million ($176.0 million) was utilized under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of December 31, 2023, Aptar had utilized $36.5 million and €40.0 million ($44.2 million) under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
There are no compensating balance requirements associated with our amended revolving credit facility. Each borrowing under the amended revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The amended revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the amended revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the amended revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio. We incurred approximately $9.5 million and $3.9 million in interest and fees related to our credit facility and money market borrowing arrangement during 2024 and 2023, respectively.
Average borrowings under the amended revolving credit facility and money market borrowing arrangement were $170.6 million and $60.5 million for 2024 and 2023, respectively. The average annual interest rate on the amended revolving credit facility and money market borrowing arrangement was 5.1% and 5.2% for 2024 and 2023, respectively.
Aptar has an unsecured money market borrowing arrangement to provide short term financing of up to $30 million that is available in the U.S. No borrowing on this facility is permitted over a quarter end date. As such, no balance was utilized under this arrangement as of December 31, 2024 or December 31, 2023.
Long-Term Obligations
On February 26, 2024, we repaid in full the $100 million 3.49% Senior Unsecured Notes that were due in February 2024. On July 19, 2024, we repaid in full the €200 million 1.17% Senior Unsecured Notes that were due in July 2024. On September 5, 2024, we repaid in full the $50 million 3.4% Senior Unsecured Notes that were due in September 2024. These were repaid using borrowings from our amended revolving credit facility or the Term Loan.
On July 19, 2023, we repaid in full the €100 million 0.98% Senior Notes that were due in July 2023.
At December 31, 2024 and 2023, our long-term obligations consisted of the following:
December 31, 2024December 31, 2023
Notes payable 0.00% – 2.25%, due in monthly and annual installments through 2030
$15,135 $14,988 
Senior unsecured notes 3.4%, due in 2024
— 50,000 
Senior unsecured notes 3.5%, due in 2024
— 100,000 
Senior unsecured notes 1.2%, due in 2024
— 220,810 
Senior unsecured notes 3.6%, due in 2025
125,000 125,000 
Senior unsecured notes 3.6%, due in 2026
125,000 125,000 
Term loan 5.8% floating, due in 2027
166,000 — 
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.7 million
399,258 399,154 
Finance Lease Liabilities23,753 26,478 
Unamortized debt issuance costs(3,830)(3,816)
$850,316 $1,057,614 
Current maturities of long-term obligations(162,250)(376,426)
Total long-term obligations$688,066 $681,188 
The aggregate long-term maturities, excluding finance lease liabilities and unamortized debt issuance costs, which are discussed in Note 8, due annually for the next five years and thereafter are:
2025$158,993 
2026155,457 
2027116,488 
202888 
202973 
Thereafter399,294 
Covenants
Our amended revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
RequirementLevel at December 31, 2024
Consolidated Leverage Ratio (1)
Maximum of 3.50 to 1.00
1.08 to 1.00
Consolidated Interest Coverage Ratio (1)
Minimum of 3.00 to 1.00
17.43 to 1.00
(1)Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.