Andersons, Inc. Debt Disclosure
| December 31, | |||||||||||
| (in thousands, except percentages) | 2025 | 2024 | |||||||||
Note payable, variable rate (5.36% at December 31, 2025), payable in increasing amounts plus interest, due 2029 | $ | 170,117 | $ | 180,586 | |||||||
Note payable, variable rate (5.24% at December 31, 2025), payable in increasing amounts plus interest, due 2027 | 114,258 | 121,289 | |||||||||
Note payable, variable rate (5.36% at December 31, 2025), payable in increasing amounts plus interest, due 2031 | 87,500 | 92,500 | |||||||||
Note payable, 4.50%, payable at maturity, due 2034 (a) | 83,711 | 87,818 | |||||||||
Note payable, variable rate (7.02% at December 31, 2025), payable in increasing amounts plus interest, due 2029 (b) | 63,650 | 67,000 | |||||||||
Note payable, 4.85%, payable at maturity, due 2026 | 25,000 | 25,000 | |||||||||
Industrial revenue bond, variable rate (4.36% at December 31, 2025), payable at maturity, due 2036 | 21,000 | 21,000 | |||||||||
Note payable, 4.50%, payable at maturity, due 2030 | 16,000 | 16,000 | |||||||||
Note payable, variable rate (7.02% at December 31, 2025), payable in increasing amounts plus interest, due 2029 (b) | 14,700 | — | |||||||||
Note payable, 5.00%, payable at maturity, due 2040 | 14,000 | 14,000 | |||||||||
Note payable, 3.85%, payable at maturity, due 2029 (b) | 3,500 | 4,500 | |||||||||
Note payable, 5.80%, payable at maturity, due 2028 (b) | 798 | 1,088 | |||||||||
Note payable, 4.11%, payable at maturity, due 2026 (b) | 590 | 1,378 | |||||||||
Note payable, 4.80%, payable at maturity, due 2026 (b) | 538 | 1,499 | |||||||||
Note payable, 4.13%, payable at maturity, due 2026 (b) | 237 | 553 | |||||||||
Note payable, 4.05%, payable at maturity, due 2026 (b) | 188 | 439 | |||||||||
Note payable, 5.60%, payable at maturity, due 2025 (b) | — | 600 | |||||||||
Note payable, 5.40%, payable at maturity, due 2025 (b) | — | 93 | |||||||||
Finance lease obligations, due serially to 2043 (a) | 6,699 | 7,880 | |||||||||
Finance lease obligations, due serially to 2029 (b) | 2,897 | 3,619 | |||||||||
| 625,383 | 646,842 | ||||||||||
| Less: current maturities | 63,375 | 36,139 | |||||||||
| Less: unamortized prepaid debt issuance costs | 1,992 | 2,552 | |||||||||
| $ | 560,016 | $ | 608,151 | ||||||||
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.