Company: PRGO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001585364-25-000056
Chunk: 267

Company: PERRIGO Co plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 15
Chunk 267
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As of March 29, 2025 and December 31, 2024, we had $1,420.4 million and $1,429.1 million, respectively, outstanding under our Term Loan A Facility and Term Loan B Facility. Our short-term debt as of March 29, 2025 of $36.2 million is comprised of (i) amortization payments for the Term A Loans and the Term B Loans and (ii) lease payments. 

The interest rate net of derivatives results in a fixed rate on a substantial portion of our long-term debt, the earliest of which matures in April 2027.

We were in compliance with all the covenants under our debt agreements as of March 29, 2025.

Other Financing 

We have overdraft facilities available that we may use to support our cash management operations. There were no material borrowings outstanding under the overdraft facilities as of March 29, 2025 or December 31, 2024.

Leases

We had $190.4 million and $195.1 million of lease liabilities and $181.3 million and $186.9 million of lease assets as of March 29, 2025 and December 31, 2024, respectively. For information on our operating and finance lease obligations and the amount and timing of future payments refer to Item 1. Note 7.

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Perrigo Company plc - Item 2Financial Condition, Liquidity and Capital Resources

Credit Ratings

Our credit ratings on March 29, 2025 were Ba2 (negative), BB- (stable), and BB (negative), by Moody's Investor Services, S&P Global Ratings ("S&P"), and Fitch Ratings Inc. ("Fitch"), respectively. 

Credit rating agencies review their ratings periodically, and therefore, the credit rating assigned to us by each agency may be subject to revision at any time. Accordingly, there can be no assurance that our credit ratings will remain as disclosed above. Factors that can affect our credit ratings include, but are not limited to, changes in operating performance, the economic environment, our financial position, and changes in business strategy. If changes in our credit ratings were to occur, they could impact, among other things, future borrowing costs, access to capital markets, and vendor financing terms. A credit rating is not a recommendation to buy, sell or hold securities. 

Future interest rate adjustments of the 3.150% Senior Notes due 2030 are subject to a