CHARLES RIVER LABORATORIES INTERNATIONAL, INC.CRL
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. Debt Disclosure
DEBT AND OTHER FINANCING ARRANGEMENTS
Long-term debt, net and finance leases consists of the following:
| December 27, 2025 | December 28, 2024 | ||||||||||
| (in thousands) | |||||||||||
| Revolving credit facility | $ | 616,503 | $ | 714,948 | |||||||
4.25% Senior Notes due 2028 | 500,000 | 500,000 | |||||||||
3.75% Senior Notes due 2029 | 500,000 | 500,000 | |||||||||
4.00% Senior Notes due 2031 | 500,000 | 500,000 | |||||||||
| Other debt | 7,842 | 15,603 | |||||||||
| Finance leases | 27,876 | 28,444 | |||||||||
| Total debt and finance leases | 2,152,221 | 2,258,995 | |||||||||
| Less: | |||||||||||
| Current portion of long-term debt | 166 | 155 | |||||||||
| Current portion of finance leases | 3,228 | 2,774 | |||||||||
| Current portion of long-term debt and finance leases | 3,394 | 2,929 | |||||||||
| Long-term debt and finance leases | 2,148,827 | 2,256,066 | |||||||||
| Debt discount and debt issuance costs | (12,467) | (15,861) | |||||||||
| Long-term debt, net and finance leases | $ | 2,136,360 | $ | 2,240,205 | |||||||
As of December 27, 2025 and December 28, 2024, the weighted average interest rate on the Company’s debt was 4.05% and 4.48%, respectively.
Revolving Credit Facility
In fiscal 2024, the Company modified its revolving credit facility “Credit Facility”. The Credit Facility provides for up to $2.0 billion (reduced from $3.0 billion) and has a maturity date of December 2029 (previously April 2026), with no required scheduled payment before that date. The terms of the Credit Facility are substantially the same with the interest rates equal to (A) for revolving loans denominated in U.S. dollars, at the Company’s option, either the base rate (which is the higher of (1) the prime rate, (2) the federal funds rate plus 0.50%, or (3) the one-month adjusted SOFR rate plus 1.0%) or the adjusted SOFR rate, (B) for revolving loans denominated in euros, the adjusted EURIBOR rate and (C) for revolving loans denominated in sterling, the daily simple SONIA rate, in each case, plus an interest rate margin based upon the Company’s leverage ratio.
The Credit Facility includes certain customary representations and warranties, events of default, notices of material adverse changes to the Company’s business and negative and affirmative covenants. These covenants include (1) maintenance of a ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) less capital expenditures to consolidated cash interest expense, for any period of four consecutive fiscal quarters, of no less than 3.50 to 1.0 as well as (2) maintenance of a ratio of consolidated indebtedness plus principal outstanding in connection with any permitted receivables financing to consolidated EBITDA for any period of four consecutive fiscal quarters, of no more than 4.25 to 1.0. As of December 27, 2025, the Company was compliant with all financial covenants under the Credit Facility. The obligations of the Company under the Credit Facility are collateralized by substantially all of the assets of the Company.
The Company concluded that the transaction represented a modification of existing debt and capitalized approximately $5.0 million of debt issuance costs incurred as a reduction to total outstanding debt in fiscal 2024.
2028 Senior Notes
In fiscal year 2019, the Company issued $500 million of 4.25% Senior Notes due in 2028 (2028 Senior Notes) in an unregistered offering. Interest on the 2028 Senior Notes is payable semi-annually.
2029 Senior Notes and 2031 Senior Notes
In fiscal year 2021, the Company issued $1 billion of debt split between $500 million of 3.75% Senior Notes due in 2029 (2029 Senior Notes), and $500 million of 4.00% Senior Notes due in 2031 (2031 Senior Notes), in an unregistered offering. Interest on the 2029 and 2031 Senior Notes is payable semi-annually.
Principal Maturities
Principal maturities of existing debt for the periods set forth in the table below are as follows:
| Fiscal Year | Principal | |||||||
| (in thousands) | ||||||||
| 2026 | $ | 1,334 | ||||||
| 2027 | 1,549 | |||||||
| 2028 | 501,323 | |||||||
| 2029 | 1,117,807 | |||||||
| 2030 | 501,167 | |||||||
| Thereafter | 1,165 | |||||||
| Total | $ | 2,124,345 | ||||||
Letters of Credit
As of December 27, 2025 and December 28, 2024, the Company had $22.0 million and $22.4 million, respectively, in outstanding letters of credit.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 11, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 13, 2018 | |
| 2016 | Feb 14, 2017 | |
| 2015 | Feb 12, 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.