CNA FINANCIAL CORPCNA

CNA FINANCIAL CORP Debt Disclosure

10-KFiled Feb 10, 20262 min read
Debt
Debt is composed of the following long-term obligations.
December 31
(In millions)20252024
Long-term debt:
Senior notes of CNAF:
4.500%, face amount of $500, due March 1, 2026
$—$500
3.450%, face amount of $500, due August 15, 2027
499 498 
3.900%, face amount of $500, due May 1, 2029
498 498 
2.050%, face amount of $500, due August 15, 2030
497 497 
5.500%, face amount of $500, due June 15, 2033
492 491 
5.125%, face amount of $500, due February 15, 2034
491 489 
5.200%, face amount of $500, due August 15, 2035
494 — 
Total debt$2,971 $2,973 
CCC is a member of the Federal Home Loan Bank of Chicago (FHLBC). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $5 million of FHLBC stock as of December 31, 2025 giving it immediate access to approximately $108 million of additional liquidity. As of December 31, 2025 and 2024, CCC had no outstanding borrowings from the FHLBC.
During 2023, the Company amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At the Company's election, the commitments under the agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. Under the agreement, the Company is required to pay a facility fee which would adjust in the event of a change in the Company's ratio of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the agreement. The agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined, at December 31, 2025, was $8.7 billion.  The calculation of minimum consolidated net worth excludes AOCI. As of December 31, 2025 and 2024, the Company had no outstanding borrowings under the credit agreement.
The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2025 and 2024.
The combined aggregate maturities for debt as of December 31, 2025 are presented in the following table.
(In millions)
2026$— 
2027500 
2028— 
2029500 
2030500 
Thereafter1,500 
Less: discount(29)
Total$2,971 

Historical Timeline

Fiscal YearFiled
2025Feb 10, 2026Showing above
2024Feb 11, 2025
2023Feb 6, 2024
2022Feb 7, 2023
2021Feb 8, 2022
2020Feb 9, 2021
2019Feb 11, 2020
2018Feb 13, 2019
2017Feb 14, 2018
2016Feb 15, 2017
2015Feb 17, 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.

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