ENERGIZER HOLDINGS, INC.ENR
ENERGIZER HOLDINGS, INC. Debt Disclosure
Debt
The detail of long-term debt was as follows:
| September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Senior Secured Term Loan Facility due 2027 | $ | — | $ | 782.0 | |||||||
| Senior Secured Term Loan Facility due 2032 | 857.9 | — | |||||||||
6.500% Senior Notes due 2027 | — | 300.0 | |||||||||
4.750% Senior Notes due 2028 | 583.7 | 583.7 | |||||||||
4.375% Senior Notes due 2029 | 791.3 | 791.3 | |||||||||
3.50% Senior Notes due 2029 (Euro Notes of €650.0)(1) | 762.7 | 723.8 | |||||||||
6.00% Senior Notes due 2033 | 400.0 | — | |||||||||
| Finance lease obligations | 50.3 | 49.2 | |||||||||
| Total long-term debt, including current maturities | $ | 3,445.9 | $ | 3,230.0 | |||||||
| Less current portion | (10.1) | (12.6) | |||||||||
| Less unamortized debt discount and debt issuance fees | (27.9) | (24.4) | |||||||||
| Total long-term debt | $ | 3,407.9 | $ | 3,193.0 | |||||||
(1) Changes in the USD balance of the Euro denominated 3.50% Senior Notes due in 2029 is due to movements in the currency rate year-over-year.
Credit Agreement - In December 2020, the Company entered into a Credit Agreement (Credit Agreement) which provided for a 5-year $400.0 revolving credit facility (2020 Revolving Facility) and a $1,200.0 Term Loan (2027 Term Loan) due December 2027. On December 31, 2021, the Company amended the Credit Agreement to increase the 2020 Revolving Facility to $500.0. In fiscal 2024 and 2023, the Company made early payments on the 2027 Term Loan resulting in an ending 2027 Term Loan balance of $782.0 and a Loss on extinguishment of debt of $2.4 and $1.6, respectively.
In March 2025, the Company entered into an amended and restated agreement which extended the term of its $760 Senior Secured Term Loan (Term Loan) to 2032 and its $500 Revolving Credit Facility (Revolving Facility) to 2030. The transaction was leverage neutral and the Company paid debt issuance costs of $8.0. In September 2025, the Company completed a $100.0 add-on to the existing Term Loan due in 2032. The proceeds were utilized to repay a portion of the debt outstanding on the Revolving Facility. On the Consolidated Statement of Cash Flows, the financing cash inflows and outflows associated with these transactions were determined on a lender-by-lender basis for the Term Loan. The amended and new Term Loan entered into during fiscal 2025 resulted in a net loss on extinguishment/modification of debt for the year of $5.2. Subsequent to September 30, 2025, the Company paid down approximately $80.0 of outstanding debt.
Borrowings under the Term Loan require quarterly principal payments of 0.25% of the original principal balance, or $2.2. Borrowings under the Revolving Facility bear interest at a rate per annum equal to, at the option of the Company, SOFR or the Base Rate (as defined) plus the applicable margin. The Term Loan bears interest at a rate per annum equal to SOFR plus the applicable margin. The Credit Agreement also contains customary affirmative and restrictive covenants.
As of September 30, 2025, the Company had no outstanding borrowings under the Revolving Facility and $7.6 of outstanding letters of credit. Taking into account outstanding letters of credit, $492.4 remained available as of September 30, 2025. As of September 30, 2025 and September 30, 2024, our weighted average interest rate on short-term borrowings was 4.4% and 7.3%, respectively.
Senior Notes
In September 2025, the Company completed a bond offering for $400.0 Senior Notes due in 2033 at 6.00%. The proceeds from this offering were used to redeem the $300 6.50% Senior Notes due in 2027 and repay a portion of the indebtedness outstanding under the Revolving Facility. The Company paid a premium of $4.9 related to the redemption of the bonds. This resulted in a net loss on extinguishment of debt of $6.8. The total loss on extinguishment/modification of debt resulting from the Senior Note and Term Loan fiscal 2025 activity was $12.1 recorded on the Consolidated Statement of Earnings and Comprehensive Income. The Company paid debt issuance costs of $5.6 on this transaction resulting in total debt issuance fees paid in fiscal 2025 of $13.6 on the Consolidated Statement of Cash Flows.
The 2033 Notes were sold to qualified institutional buyers and will not be registered under federal or applicable state securities laws. Interest is payable semi annually in March and September. The 2033 Notes are jointly and severally guaranteed on an unsecured basis by certain of the Company's domestic restricted subsidiaries that guarantee indebtedness of the Company under its Credit Agreement.
During fiscal 2023, the Company retired $16.3 of the 4.750% Senior Notes due in 2028 and $8.7 of the 4.375% Senior Notes due in 2029 for a cash cost of $21.6. The Company wrote off $0.3 of deferred financing fees as a result of these transactions. The retirement of Senior Notes, along with the prepayment of the Term Loan noted above, resulted in a net Gain on extinguishment of debt for the twelve months ended September 30, 2023 of $1.5 recorded on the Consolidated Statement of Earnings and Comprehensive Income.
Interest Rate Swaps - The Company has an interest rate swap that fixes the variable benchmark component (SOFR) at an interest rate of 1.042% on variable rate debt. The notional value was $700.0 through December 22, 2024. The notional value decreased by $100.0 in December 2024 and will continue to decrease by $100.0 each year in December until its termination date on December 22, 2027. As of September 30, 2025, the notional value is $600.0.
Notes Payable - The notes payable balance was $13.7 at September 30, 2025 and $2.1 at September 30, 2024. The balances are comprised of other borrowings, including those from foreign affiliates. The Company had no outstanding borrowings on the Revolving Facility at September 30, 2025 and September 30, 2024.
Debt Covenants - The agreements governing the Company's debt contain certain customary representations and warranties, affirmative, negative and financial covenants, and provisions relating to events of default. If the Company fails to comply with these covenants or with other requirements of these agreements, the lenders may have the right to accelerate the maturity of the debt. Acceleration under one of these facilities would trigger cross defaults to other borrowings. As of September 30, 2025, the Company was in compliance with the provisions and covenants associated with its debt agreements.
The counterparties to long-term committed borrowings consist of a number of major financial institutions. The Company consistently monitors positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies.
Debt Maturities - Aggregate maturities of long-term debt as of September 30, 2025 were as follows:
| Long-term debt | |||||
| One year | $ | 8.6 | |||
| Two years | 8.6 | ||||
| Three years | 592.3 | ||||
| Four years | 1,562.6 | ||||
| Five years | 8.6 | ||||
| Thereafter | 1,214.9 | ||||
| Total long-term debt payments due | $ | 3,395.6 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 18, 2025 | Showing above |
| 2024 | Nov 19, 2024 | |
| 2023 | Nov 14, 2023 | |
| 2022 | Nov 15, 2022 | |
| 2021 | Nov 16, 2021 | |
| 2020 | Nov 17, 2020 | |
| 2019 | Nov 19, 2019 | |
| 2018 | Nov 16, 2018 | |
| 2017 | Nov 14, 2017 | |
| 2016 | Nov 15, 2016 | |
| 2015 | Nov 20, 2015 | |
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.