FAIR ISAAC CORPFICO
FAIR ISAAC CORP Debt Disclosure
Debt
The following table represents our debt at carrying value at September 30, 2025 and 2024:
| September 30, 2025 | September 30, 2024 | ||||||||||
| (In thousands) | |||||||||||
| Current maturities on debt: | |||||||||||
The $300 Million Term Loan | $ | — | $ | 15,000 | |||||||
| The 2018 Senior Notes | 400,000 | — | |||||||||
| Less: debt issuance costs | (459) | — | |||||||||
| Current maturities on debt | 399,541 | 15,000 | |||||||||
| Long-term debt: | |||||||||||
| Revolving line of credit | 275,000 | 210,000 | |||||||||
The $300 Million Term Loan | — | 243,750 | |||||||||
The $450 Million Term Loan | — | 450,000 | |||||||||
| The 2018 Senior Notes | — | 400,000 | |||||||||
| The 2019 Senior Notes and the 2021 Senior Notes | 900,000 | 900,000 | |||||||||
| The 2025 Senior Notes | 1,500,000 | — | |||||||||
| Less: debt issuance costs | (18,850) | (9,729) | |||||||||
| Long-term debt | 2,656,150 | 2,194,021 | |||||||||
| Total debt | $ | 3,055,691 | $ | 2,209,021 | |||||||
Revolving Line of Credit and Term Loans
On May 13, 2025, we amended our credit agreement with a syndicate of banks, increasing our borrowing capacity under the unsecured revolving line of credit from $600 million to $1.0 billion and extending its maturity to May 13, 2030. Also on May 13, 2025, we repaid in full and terminated the $300 million unsecured term loan (the “$300 Million Term Loan”) and the $450 million unsecured term loan (the “$450 Million Term Loan”) outstanding under our credit agreement, utilizing proceeds from the issuance of the 2025 Senior Notes (as defined below). Borrowings under the revolving line of credit can be used for working capital and general corporate purposes and may also be used for the refinancing of existing debt, acquisitions, and the repurchase of our common stock. Interest rates on amounts borrowed under the revolving line of credit are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) the Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, (ii) the Daily Simple SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement), or (iii) term SOFR (without a credit spread adjustment) plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement). The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio. The applicable margin for base rate borrowings ranges from 0% to 0.75% per annum and for SOFR borrowings ranges from 1% to 1.75% per annum. In addition, we must pay certain credit facility fees. The credit agreement contains certain restrictive covenants including a maximum consolidated leverage ratio of 3.5 to 1.0, subject to a step up to 4.0 to 1.0 following certain permitted acquisitions and subject to certain conditions, and contains other covenants typical of an unsecured credit facility.
As of September 30, 2025, we had $275.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.423%, and we were in compliance with all financial covenants under the credit agreement.
Senior Notes
On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”). The 2018 Senior Notes require interest payments semi-annually at a rate of 5.25% per annum and will mature on May 15, 2026.
On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”). The 2019 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028.
On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private offering to qualified institutional investors (the “2021 Senior Notes”). The 2021 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028, the same date as the 2019 Senior Notes.
On May 13, 2025, we issued $1.5 billion of senior notes in a private offering to qualified institutional investors (the “2025 Senior Notes,” and collectively with the 2018 Senior Notes, the 2019 Senior Notes and the 2021 Senior Notes, the “Senior Notes”). The 2025 Senior Notes require interest payments semi-annually at a rate of 6.00% per annum and will mature on May 15, 2033.
The indentures for the Senior Notes contain certain covenants typical of unsecured obligations and we were in compliance as of September 30, 2025.
The following table presents the face values and fair values for the Senior Notes at September 30, 2025 and 2024:
| September 30, 2025 | September 30, 2024 | ||||||||||||||||||||||
| Face Value | Fair Value | Face Value | Fair Value | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| The 2018 Senior Notes | $ | 400,000 | $ | 399,500 | $ | 400,000 | $ | 399,500 | |||||||||||||||
| The 2019 Senior Notes and the 2021 Senior Notes | 900,000 | 875,250 | 900,000 | 864,000 | |||||||||||||||||||
| The 2025 Senior Notes | 1,500,000 | 1,518,750 | — | — | |||||||||||||||||||
| Total | $ | 2,800,000 | $ | 2,793,500 | $ | 1,300,000 | $ | 1,263,500 | |||||||||||||||
Future principal payments for the Senior Notes are as follows:
| Year Ending September 30, | (In thousands) | ||||
| 2026 | $ | 400,000 | |||
| 2027 | — | ||||
| 2028 | 900,000 | ||||
| 2029 | — | ||||
| 2030 | — | ||||
| Thereafter | 1,500,000 | ||||
| Total | $ | 2,800,000 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 7, 2025 | Showing above |
| 2024 | Nov 6, 2024 | |
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.