Amrize LtdAMRZ
Amrize Ltd Debt Disclosure
Debt
Long-term debt consisted of the following:
Effective interest rate as of December 31, | Balance as of December 31, | |||||
2025 | 2025 | 2024 | ||||
3.500% Unsecured Notes due 2026 | 3.53% | $326 | $400 | |||
4.750% Unsecured Notes due 2046 | 4.81% | 554 | 590 | |||
4.600% Unsecured Notes due 2027 | 4.65% | 700 | — | |||
4.700% Unsecured Notes due 2028 | 4.76% | 700 | — | |||
4.950% Unsecured Notes due 2030 | 5.01% | 1,000 | — | |||
5.400% Unsecured Notes due 2035 | 5.47% | 1,000 | — | |||
7.125% Unsecured Notes due 2036 | 7.25% | 445 | — | |||
6.875% Unsecured Notes due 2039 | 6.99% | 191 | — | |||
6.500% Unsecured Notes due 2043 | 6.61% | 239 | — | |||
4.200% Unsecured Notes due 2033 | 4.24% | 50 | — | |||
7.650% Private Placement due 2031 | 7.80% | 50 | — | |||
Other | 12 | 8 | ||||
Total principal | 5,267 | 998 | ||||
Unamortized (discounts), premiums and debt issuance costs | 2 | (13) | ||||
Total long-term debt | 5,269 | 985 | ||||
Less: current portion of long-term debt | (333) | (5) | ||||
Long-term debt | $4,936 | $980 | ||||
Debt is reported on the consolidated balance sheets at par value adjusted for unamortized discount or
premium and unamortized issuance costs. The fair value of the Company’s long-term debt as of December 31,
2025 was $5,047 million, which is comprised of the fair value of unsecured notes of $4,989 million and other
long-term debt of $58 million. The fair value of the unsecured notes is based on listed market prices and was
categorized as Level 1 in the fair value hierarchy.
The fair value of the Company’s other long-term debt approximates carrying value. The fair value of the
Company’s long-term debt was as follows:
(In millions) | As of December 31, 2025 | |
Carrying amount | $4,936 | |
Fair value | $5,047 |
The Company recognized interest expense related to third-party debt of $216 million, $43 million and $49
million for the years ended December 31, 2025, 2024 and 2023, respectively. Debt issuance costs amortized
to Interest expense, net on the consolidated statements of operations were immaterial for the years ended
December 31, 2025, 2024 and 2023. See Note 18 (Related party) for interest expense related to borrowings
and funding associated with the related-party note agreements for periods prior to the Spin-Off.
Bond exchange
On May 19, 2025, FinanceCo, a wholly owned subsidiary of the Company, launched debt-for-debt exchange
offers pursuant to which it offered to exchange, on a par-for-par basis, (i) 3.500% guaranteed notes due
2026 issued by FinanceCo, with an aggregate outstanding principal amount of $400 million, (ii) 4.750%
guaranteed notes due 2046 issued by FinanceCo, with an aggregate outstanding principal amount of $590
million, (iii) 7.125% notes due 2036 issued by a subsidiary of Holcim, with an aggregate outstanding principal
amount of $483 million, (iv) 4.200% notes due 2033 issued by a subsidiary of Holcim, with an aggregate
outstanding principal amount of $50 million, (v) 6.875% guaranteed notes due 2039 issued by a subsidiary of
Holcim, with an aggregate outstanding principal amount of $250 million and (vi) 6.500% notes due 2043
issued by a subsidiary of Holcim, with an aggregate outstanding principal amount of $250 million (collectively,
the “Original Exchange Notes”) for new senior debt securities (the “New Exchange Notes”) of a corresponding
series with the same interest rate, interest payment dates, maturity date and optional redemption features.
The New Exchange Notes are guaranteed by the Company. The debt-for-debt exchange offers were
completed on June 18, 2025 with holders of the subject debt securities tendering $880 million of Original
Exchange Notes issued by FinanceCo and $925 million of Original Exchange Notes issued by a subsidiary of
Holcim, resulting in the issuance of $1,805 million of New Exchange Notes. For accounting purposes, the
debt-for-debt exchange offers were treated as debt modifications resulting in a portion of the unamortized
debt discount and premiums of the Original Exchange Notes being attributed to the New Exchange Notes at
Holcim’s carryover basis on the settlement date of the exchange offers.
FinanceCo and the Company also assumed the rights and obligations (as the new issuer and guarantor,
respectively) of $50 million of bonds due in 2031, originally issued by a subsidiary of Holcim in a private
placement transaction.
Senior unsecured notes
On April 7, 2025, FinanceCo completed a $3.4 billion bond offering pursuant to an indenture agreement in
four tranches consisting of the following: $700 million 2-year senior notes priced at a fixed coupon of 4.600%
maturing in 2027, $700 million 3-year senior notes priced at a fixed coupon of 4.700% maturing in 2028, $1.0
billion 5-year senior notes priced at a fixed coupon of 4.950% maturing in 2030 and $1.0 billion 10-year senior
notes priced at a fixed coupon of 5.400% maturing in 2035 (collectively, the “Notes”). The net proceeds to
the Company from the Notes offering was $3,381 million after deductions for fees of $6 million and discounts
and related debt issuance costs of $13 million. The Notes were initially fully and unconditionally guaranteed
on a senior unsecured basis by Holcim until completion of the Spin-Off. Following the completion of the
transfer of shares of Amrize North America Inc. (including all the shares of its direct and indirect subsidiaries
and, thereby, the shares of FinanceCo) by Holcim to the Company on May 15, 2025, the Notes are fully and
unconditionally guaranteed on a senior unsecured basis by the Company. Therefore, for a limited period, both
the Company and Holcim guaranteed the Notes before Holcim’s guarantee was automatically terminated and
released upon the completion of the Spin-Off. The Company used the proceeds from the offering of the
Notes to repay certain related-party notes with Holcim.
Unsecured notes
On September 22, 2016, FinanceCo issued unsecured notes in two series, each of which was guaranteed by
Holcim prior to the Spin-Off. The first series has a principal amount of $400 million with interest of 3.500%
and a maturity date of September 22, 2026. The second series has a remaining principal amount of $590
million with interest of 4.750% and a maturity date of September 22, 2046. As described above, on June 18,
2025 holders of the notes subject to the debt-for-debt exchange tendered $880 million of unsecured notes.
Bank credit
On May 15, 2025, the Company established a commercial paper program for the issuance of short-term
promissory notes with a maximum aggregate principal amount of $2 billion outstanding at any time
(“Commercial Paper Program”). The Commercial Paper Program provides for private placements in the United
States under Section 4(a)(2) of the Securities Act. The short-term promissory notes issued under the
Commercial Paper Program will be unsecured notes ranking at least pari passu with all of our other senior
unsecured indebtedness. These short-term promissory notes are anticipated to be offered at par less a
discount representing an interest factor or, if interest bearing, at par. The Commercial Paper Program
contains representations and warranties, covenants and events of default that are customary for this type of
financing. On June 10, 2025, the Company began issuing short-term promissory notes under the Commercial
Paper Program. As of December 31, 2025, the Company has no notes under the Commercial Paper Program
outstanding.
On March 24, 2025, the Company entered into a 5-year committed, senior unsecured revolving credit facility
that may be used for general corporate purposes (the “Revolving Credit Facility”) with commitments of $2
billion. Interest is payable on the loans under the Revolving Credit Facility at a rate per annum equal to: (i) for
revolving loans in U.S. dollars, either (A) a base rate defined as a rate per annum equal to the greatest of (x)
the prime rate then in effect, (y) the greater of the federal funds rate and the overnight bank funding rate
then in effect, in each case, as determined by the Federal Reserve Bank, plus 0.500% per annum, and (z) term
SOFR rate determined on the basis of a one-month interest period, plus 1.000% (the greatest of (x), (y) and
(z), the “Base Rate”) or (B) the forward-looking SOFR term rate published by CME Group Benchmark
Administration Limited subject to a floor of zero (“Term SOFR”) and (ii) for revolving loans in Canadian dollars,
the forward-looking CORRA term rate published by Candeal Benchmark Administration Services Inc., TSX Inc.
or a successor administrator, subject to a floor of zero, plus, in each case (i) or (ii), an applicable margin
based on the Company’s credit rating. There were no outstanding balances under the Revolving Credit
Facility as of December 31, 2025.
On March 24, 2025, the Company entered into a bridge credit agreement providing for a 364-day committed,
senior unsecured bridge loan (the “Bridge Loan”) with commitments of $5.1 billion. On April 8, 2025, the
Company provided notice of the Notes offering to the administrative agent of the Bridge Loan, thereby
reducing commitments available under the Bridge Loan to $1.7 billion due to the fact that the Company
received net cash proceeds of $3.4 billion from the Notes offering. The Bridge Loan commitments were
terminated upon completion of the Spin-Off as the Spin-Off was consummated without a borrowing under the
Bridge Loan facility.
The Company has $60 million available in short-term lines of credit expiring December 31, 2026, payable on
demand. During the years ended December 31, 2025 and 2024, the Company drew down from these credit
lines, all of which were repaid within two business days. There were no outstanding balances under these
credit lines as of December 31, 2025 and December 31, 2024.
The Company has $40 million Canadian dollars available in short-term lines of credit, payable on demand.
There were no outstanding balances against these lines of credit as of December 31, 2025 and December 31,
2024.
The total principal payments for third-party debt, including current maturities for the five years subsequent to
December 31, 2025, and thereafter are as follows:
(In millions) | ||
2026 | $333 | |
2027 | 701 | |
2028 | 701 | |
2029 | 1 | |
2030 | 1,002 | |
Thereafter | 2,529 | |
Total | $5,267 |
As of December 31, 2025 and December 31, 2024, the Company had unutilized non-trade standby letters of
credit of $129 million and $213 million, respectively.
The Company also had intercompany debt arrangements with Holcim prior to the Spin-Off. See Note 18
(Related party) for additional detail.
Covenants
Certain debt instruments contain restrictive covenants, including a financial covenant that requires the
Company to maintain a Consolidated Net Leverage Ratio (as defined in the Credit Agreement), which
measures consolidated net debt as of such date relative to consolidated earnings before interest, taxes,
depreciation and amortization for the four consecutive fiscal quarters then ended, of no more than 3.75 to 1,
tested at the end of each fiscal quarter. As of December 31, 2025, the Company was in compliance with the
financial covenants of its debt agreements.
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.