Edwards Lifesciences CorpEW

Edwards Lifesciences Corp Debt Disclosure

10-KFiled Feb 25, 20263 min read
12. DEBT AND CREDIT FACILITIES

In June 2018, the Company issued $600.0 million of fixed-rate unsecured senior notes (the “Notes”) due June 15, 2028. Interest is payable semi-annually in arrears, with payments due in June and December of each year. The Company may redeem the Notes, in whole or in part, at any time and from time to time at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase all or a portion of the Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. The Notes also include covenants that limit the Company's ability to incur secured indebtedness, enter into sale and leaseback transactions, and consolidate, merge, or transfer all or substantially all of its assets.

The following is a summary of the Notes as of December 31, 2025 and 2024 (in millions, except for percentages):
 December 31,
 2025 2024
 AmountEffective
Interest Rate		 AmountEffective
Interest Rate
Fixed-rate 4.3% Notes
$600.0 4.329 %$600.0 4.329 %
Unamortized discount(0.4)  (0.5) 
Unamortized debt issuance costs(1.3)(1.8)
Total carrying amount$598.3   $597.7  

As of December 31, 2025 and 2024, the fair value of the Notes was $604.0 million and $587.5 million, respectively, based on observable market prices in less active markets and categorized as Level 2. For further information, see Note 13. The debt issuance costs, as well as the discount, are being amortized to interest expense over the term of the Notes.

The Company has a Five-Year Credit Agreement (the “Credit Agreement”) that provides for a $750.0 million multi-currency unsecured revolving credit facility and matures on July 15, 2027. Subject to certain terms and conditions and the agreement of the lenders, the Company may increase the amount available under the Credit Agreement by up to an additional $250.0 million in the aggregate and extend the maturity date for an additional year. Borrowings under the Credit Agreement bear interest at a variable rate based on the Secured Overnight Financing Rate (“SOFR”), plus a spread ranging from 0.785% to 1.3%, depending on the leverage ratio or credit rating, as defined in the Credit Agreement, plus a 0.1% credit spread adjustment. The Company will also pay a facility fee ranging from 0.09% to 0.20%, depending on the Company's leverage ratio or credit rating, on the entire credit commitment available, whether or not drawn. The facility fee is expensed as incurred. During 2025, under the Credit Agreement, the spread over SOFR was 0.9% and the facility fee was 0.1%. Issuance costs of $2.1 million are
being amortized to interest expense over the term of the Credit Agreement. As of December 31, 2025 and 2024, there were no borrowings outstanding. Amounts outstanding under the Credit Agreement, if any from time to time, are classified as long-term obligations in accordance with the terms of the Credit Agreement. The Credit Agreement is unsecured and contains various financial and other covenants, including a maximum leverage ratio, as defined in the Credit Agreement. The Company was in compliance with all covenants under the Credit Agreement at December 31, 2025.

The weighted-average interest rate under all debt obligations, including the impact of the cross-currency swap contract (for further information, see Note 14), was 3.5% and 3.4% at December 31, 2025 and 2024, respectively.
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Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 28, 2025
2023Feb 12, 2024
2022Feb 13, 2023
2021Feb 14, 2022
2020Feb 12, 2021
2019Feb 14, 2020
2018Feb 15, 2019
2016Feb 17, 2017
2015Feb 19, 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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