Cooper-Standard Holdings Inc.CPS
Cooper-Standard Holdings Inc. Debt Disclosure
Debt and Other Financing
A summary of outstanding debt as of December 31, 2025 and December 31, 2024 was as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| First Lien Notes | $ | 613,577 | $ | 610,955 | |||||||
| Third Lien Notes | 389,658 | 388,169 | |||||||||
| 2026 Senior Notes | 42,491 | 42,415 | |||||||||
| 17,336 | 18,956 | ||||||||||
| Other borrowings | 41,542 | 39,772 | |||||||||
| Total debt | 1,104,604 | 1,100,267 | |||||||||
| Less: current portion | (86,121) | (42,428) | |||||||||
| Total long-term debt | $ | 1,018,483 | $ | 1,057,839 | |||||||
The principal maturities of debt, at nominal value, as of December 31, 2025 are as follows:
| Year | Debt and Finance Lease Obligations* | |||||||
| 2026 | $ | 87,077 | ||||||
| 2027 | 1,011,524 | |||||||
| 2028 | 2,492 | |||||||
| 2029 | 5,721 | |||||||
| 2030 | 1,691 | |||||||
| Thereafter | 5,307 | |||||||
| Total | $ | 1,113,812 | ||||||
* Inclusive of imputed interest on finance leases.
The weighted average interest rate of our debt payable within one year was 4.3% as of December 31, 2025 and 3.4% as of December 31, 2024.
First Lien Notes
On January 27, 2023, the Company issued $580,000 aggregate principal amount of its 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 (the “First Lien Notes”). The First Lien Notes mature on March 31, 2027 and bear interest at the rate of 13.50% per annum, payable in cash semi-annually on June 15 and December 15 of each year. Interest payments commenced on June 15, 2023. For the first four interest periods, the Company had the option, at its sole discretion, to pay up to 4.50% of the interest by increasing the principal amount of the outstanding First Lien Notes or, in limited circumstances, by issuing additional First Lien Notes. As of December 31, 2025 and December 31, 2024, the outstanding aggregate carrying amounts of the First Lien Notes were $613,577 and $610,955, respectively. These balances reflect the Company’s election to pay 4.50% of the interest for the first three interest payments as payment-in-kind. The Company elected to pay the fourth interest payment, due December 15, 2024, entirely in cash.
As of December 31, 2025 and December 31, 2024, the Company had $3,148 and $5,666, respectively, of unamortized debt issuance costs, and $129 and $233, respectively, of unamortized original issue discount related to the First Lien Notes. These amounts are presented as direct deductions from the principal balance in the consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the First Lien Notes.
Third Lien Notes
On January 27, 2023, the Company issued $357,446 aggregate principal amount of its 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 (the “Third Lien Notes”). The Third Lien Notes mature on May 15, 2027 and bear interest at the rate of 5.625% per annum, payable in cash semi-annually on June 15 and December 15 of each year. Interest payments commenced on June 15, 2023. For the first four interest periods, the Company had the option, at its sole discretion, to pay interest at 10.625% per annum either by increasing the principal amount of the outstanding Third Lien Notes or, in limited circumstances, by issuing additional Third Lien Notes. As of December 31, 2025 and December 31, 2024, the outstanding aggregate carrying amounts of the Third Lien Notes were $389,658 and $388,169, respectively. These amounts reflect the Company’s election to fully pay the first two interest payments as payment-in-kind. The Company elected to pay the third and fourth interest payments on the Third Lien Notes, due June 15, 2024 and December 15, 2024, respectively, in cash.
As of December 31, 2025 and December 31, 2024, the Company had $2,109 and $3,598, respectively, of unamortized debt issuance costs related to the Third Lien Notes. These amounts are presented as direct deductions from the principal balance in the consolidated balance sheets. The debt issuance costs are amortized into interest expense over the term of the Third Lien Notes.
2026 Senior Notes
On November 2, 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “2026 Senior Notes”). As part of certain refinancing transactions that were completed on January 27, 2023, the Company exchanged $357,446 aggregate principal amount of its 2026 Senior Notes for $357,446 aggregate principal amount of its newly issued Third Lien Notes. Following the completion of the exchange, $42,554 aggregate principal amount of the 2026 Senior Notes remained outstanding. As of December 31, 2025 and December 31, 2024, the outstanding aggregate carrying amounts of the 2026 Senior Notes recognized in the consolidated balance sheets is $42,491 and $42,415, respectively. The 2026 Senior Notes mature
on November 15, 2026 and bear interest at the rate of 5.625% per annum, which is payable in cash semi-annually on May 15 and November 15 of each year.
As of December 31, 2025 and December 31, 2024, the Company had $63 and $139, respectively, of unamortized debt issuance costs related to the 2026 Senior Notes. These amounts are presented as direct deductions from the principal balance in the consolidated balance sheets. The debt issuance costs are being amortized into interest expense over the term of the 2026 Senior Notes.
ABL Facility
On November 2, 2016, the Company entered into a third amendment and restatement of the ABL Facility. In March 2020, the Company entered into Amendment No. 1 to the Third Amended and Restated Loan Agreement (“the First Amendment”). As a result of the First Amendment, the ABL Facility maturity was extended to March 2025, and the aggregate revolving loan commitment was reduced to $180,000. In May 2020, the Company entered into Amendment No. 2 to the Third Amended and Restated Loan Agreement (the “Second Amendment”), which modified certain covenants under the ABL Facility. In December 2022, the Company entered into Amendment No. 3 to the Third Amended and Restated Loan Agreement (the “Third Amendment”), which became effective on January 27, 2023. In May 2024, the Company entered into Amendment No. 4 to the Third Amended and Restated Loan Agreement (the “Fourth Amendment”), which, among other things, (1) extended the termination date for revolving commitments totaling $150,000 from March 24, 2025 ( “Existing Termination Date”) to May 6, 2029; (2) provided for leverage-based interest rate margin and commitment fee step-downs; and (3) replaced the Canadian BA Rate with Term CORRA as the applicable benchmark rate for all purposes under the ABL Facility for revolving loans denominated in Canadian Dollars. In September 2024, the Company entered into an agreement to transfer and assign revolving commitments totaling $35,000 from certain existing ABL Facility lenders to new ABL Facility lenders. As part of this agreement, the termination date for all outstanding revolving commitments that had not been previously extended was extended from the Existing Termination Date to May 6, 2029, with the aggregate revolving loan commitment remaining at $180,000.
The aggregate revolving loan availability includes a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $280,000 (if requested by Cooper-Standard Automotive Inc. and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase, subject to receiving any required consents under the Company’s other debt documents which contain restrictions on incremental debt. The Company’s borrowing base as of December 31, 2025 was $168,282 and the monthly fixed charge coverage ratio was at a level that provided the Company with full access to the borrowing base. Net of $7,385 of outstanding letters of credit, the Company effectively had $160,897 available for borrowing under its ABL Facility as of December 31, 2025.
As of December 31, 2025 and December 31, 2024, there were no borrowings under the ABL Facility.
As of December 31, 2025 and December 31, 2024, the Company had $840 and $1,680, respectively, of unamortized debt issuance costs related to the ABL Facility recorded in other long-term assets in the consolidated balance sheets.
Debt Covenants
The Company was in compliance with all applicable covenants of the First Lien Notes, Third Lien Notes, 2026 Senior Notes, and ABL Facility as of December 31, 2025.
Other Financing
Finance leases and other. Other borrowings as of December 31, 2025 and December 31, 2024, reflect finance leases and other borrowings under local bank lines classified in debt payable within one year in the consolidated balance sheets.
Receivables factoring. As a part of its working capital management, the Company sells certain receivables through a single third-party financial institution (the “Factor”) in a pan-European program. The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. These are permitted transactions under the Company’s credit agreements governing the ABL Facility and the indentures governing the First Lien Notes, Third Lien Notes, and 2026 Secured Notes. The European factoring facility allows the Company to factor up to €80,000 of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires on December 31, 2026.
Costs incurred on the sale of receivables are recorded in other expense, net in the consolidated statements of operations. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the consolidated balance sheets.
Amounts outstanding under the European factoring facility as of December 31, 2025 and December 31, 2024 were as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Off-balance sheet arrangements | $ | 70,729 | $ | 53,377 | |||||||
Accounts receivable factored and related costs associated with the European factoring facility for the years ended December 31, 2025, 2024 and 2023 were as follows:
| Off-Balance Sheet Arrangements | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Accounts receivable factored | $ | 462,956 | $ | 497,408 | $ | 420,119 | |||||||||||
| Costs | 2,135 | 2,904 | 2,226 | ||||||||||||||
As of December 31, 2025 and December 31, 2024, cash collections on behalf of the Factor that had yet to be remitted were $1,606 and $838, respectively, and are reflected in other current assets as restricted cash with a corresponding payable reflected in accrued liabilities in the consolidated balance sheets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 23, 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.