BELDEN INC.BDC
BELDEN INC. Debt Disclosure
Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt and other borrowing arrangements were as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In thousands) | |||||||||||
| Revolving credit agreement due 2030 | $ | — | $ | — | |||||||
| Senior subordinated notes: | |||||||||||
3.375% Senior subordinated notes due 2027 | 528,525 | 465,795 | |||||||||
3.875% Senior subordinated notes due 2028 | 411,075 | 362,285 | |||||||||
3.375% Senior subordinated notes due 2031 | 352,350 | 310,530 | |||||||||
| Total senior subordinated notes | 1,291,950 | 1,138,610 | |||||||||
| Less unamortized debt issuance costs | (6,284) | (8,509) | |||||||||
| Long-term debt | $ | 1,285,666 | $ | 1,130,101 | |||||||
Revolving Credit Agreement due 2030
On July 18, 2025, we refinanced our revolving credit facility (the Revolver) extending the maturity date to July 18, 2030 and increasing the borrowing capacity from $300.0 million to $400.0 million. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the United States, Belgium, Canada, Germany, the Netherlands, and United Kingdom. Interest on outstanding borrowings is variable, based upon SOFR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25% - 1.75%, depending upon our leverage position. Outstanding borrowings in the U.S. and Canada may also, at our election, be priced on a base rate plus a spread that ranges from 0.25% — 0.75%, depending on our leverage position. We pay a commitment fee on the total commitments of 0.25%. In the event that we borrow more than 90% of our combined borrowing base or our borrowing base availability is less than $27.0 million, we are subject to a fixed charge coverage ratio covenant. In connection with the refinancing, we recognized a $0.1 million loss for unamortized debt issuance costs associated with creditors no longer participating in the Revolver. When we refinanced the Revolver, we paid approximately $3.2 million of fees, which are being amortized over the remaining term of the Revolver. During 2025, we borrowed and repaid $50.0 million on our Revolver at a rate of 5.7%. As of December 31, 2025, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $383.9 million.
Senior Subordinated Notes
We had outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). The carrying value of the 2027 Notes as of December 31, 2025 was $528.5 million. The 2027 Notes were guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2027 Notes ranked equal in right of payment with our senior subordinated notes due 2031 and 2028 and with any future subordinated debt, and they were subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest was payable semiannually on January 15 and July 15 of each year. On January 28, 2026, we issued €450 million aggregate principal amount of 4.250% Senior Subordinated Notes due 2033 (the 2033 Notes), which are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2033 Notes will be ranked equal in right of payment with our senior subordinated notes due 2031 and 2028, and interest will be payable semiannually on February 1 and August 1 of each year, beginning August 1, 2026. With the proceeds from this offering, on February 11, 2026, we repurchased the 2027 Notes for cash consideration of €450.0 million ($537.3 million) and recognized a $1.3 million loss on debt extinguishment, including the write-off of unamortized debt issuance costs. See Note 25.
We have outstanding €350.0 million aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of December 31, 2025 is $411.1 million. The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2028 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year.
We have outstanding €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). The carrying value of the 2031 Notes as of December 31, 2025 is $352.4 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.
Fair Value of Long-Term Debt
The fair value of our senior subordinated notes as of December 31, 2025 was approximately $1,284.1 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,292.0 million as of December 31, 2025.
Redemption Prices
The senior subordinated notes due 2027 and 2028 were redeemable after July 15, 2022 and March 15, 2023, respectively, and the senior subordinated notes due 2031 are redeemable after July 15, 2026 at the following redemption prices as a percentage of the face amount of the notes:
| Senior Subordinated Notes due | ||||||||||||||||||||||||||||||||
| 2027 | 2028 | 2031 | ||||||||||||||||||||||||||||||
| Year | Percentage | Year | Percentage | Year | Percentage | |||||||||||||||||||||||||||
| 2022 | 101.688 | % | 2023 | 101.938 | % | 2026 | 101.688 | % | ||||||||||||||||||||||||
| 2023 | 101.125 | % | 2024 | 101.292 | % | 2027 | 100.844 | % | ||||||||||||||||||||||||
| 2024 | 100.563 | % | 2025 | 100.646 | % | 2028 | 100.422 | % | ||||||||||||||||||||||||
| 2025 and thereafter | 100.000 | % | 2026 and thereafter | 100.000 | % | 2029 and thereafter | 100.000 | % | ||||||||||||||||||||||||
Maturities
Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2025 are as follows (in thousands):
| 2026 | $ | — | |||
| 2027 | 528,525 | ||||
| 2028 | 411,075 | ||||
| 2029 | — | ||||
| 2030 | — | ||||
| Thereafter | 352,350 | ||||
| $ | 1,291,950 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 11, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 13, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 25, 2016 | |
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.