GE HealthCare Technologies Inc.GEHC
GE HealthCare Technologies Inc. Debt Disclosure
BORROWINGS
The Company’s borrowings include the senior unsecured notes and credit agreements detailed below.
Senior Unsecured Notes
In the second quarter of 2025, the Company issued $650 million of 4.800% senior unsecured notes due in 2031 and $850 million of 5.500% senior unsecured notes due in 2035. In the fourth quarter of 2025, the Company issued $600 million of 4.150% senior unsecured notes due in 2028 and $650 million of 4.950% senior unsecured notes due in 2035. The senior unsecured notes issued in the fourth quarter of 2025 are subject to a special mandatory redemption at a price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest thereon, if the acquisition of Intelerad is not consummated on or prior to November 20, 2026, or if prior to such date the agreement to acquire Intelerad is terminated. Otherwise, the non-economic terms of the newly issued senior unsecured notes are substantially similar to the terms of the Company’s existing senior unsecured notes. For additional information on the proposed Intelerad acquisition, see Note 8, “Acquisitions, Goodwill, and Other Intangible Assets.”
In the fourth quarter of 2025, the Company repaid $1,500 million aggregate principal amount of 5.600% senior unsecured notes due November 2025. As of December 31, 2025, the Company’s borrowings include $9,500 million aggregate principal amount of senior unsecured notes in nine series with maturity dates ranging from 2027 through 2052 (collectively, the “Notes”).
Interest payments on the Notes are due semi-annually until maturity. In the event of a change in control and a related downgrade of the ratings of the Notes below investment grade, the indenture governing the Notes requires that the Company make an offer to each holder of the Notes to repurchase all or any part of that holder’s notes at a repurchase price equal to 101% of the aggregate principal amount of the Notes repurchased, plus any accrued and unpaid interest. The indenture also includes a limitation on liens incurred by the Company and its wholly owned U.S. subsidiaries. The indenture does not restrict the Company or its subsidiaries from incurring indebtedness, nor does it contain any financial covenants. All covenants are subject to a number of exceptions, limitations, and qualifications. Refer to the table below for further information about the Notes.
Credit Facilities
In the first quarter of 2025, the Company terminated its existing five-year and 364-day senior unsecured revolving credit facilities. These were replaced with new five-year and 364-day senior unsecured revolving credit facilities in aggregate committed amounts of $3,000 million and $500 million, respectively. The terms of these new facilities are substantially similar to those of the terminated facilities. In the fourth quarter of 2025, the Company entered into a delayed draw term loan facility in an aggregate committed amount of $750 million.
The Company has credit agreements providing for:
•a five-year senior unsecured revolving credit facility in an aggregate committed amount of $3,000 million, maturing on March 27, 2030;
•a 364-day senior unsecured revolving credit facility in an aggregate committed amount of $500 million, maturing on March 26, 2026;
•a three-year senior unsecured term loan credit facility in an aggregate principal amount of $2,000 million, maturing on January 2, 2026 (the “Term Loan Facility”), and
•a three-year senior unsecured delayed draw term loan credit facility in an aggregate principal amount of $750 million, maturing on the third anniversary of the date on which the term loan is made to the Company (the “Delayed Draw Term Loan Facility” and, together with the five-year revolving credit facility, the 364-day revolving credit facility, and the Term Loan Facility, the “Credit Facilities”).
There were no outstanding amounts under the Delayed Draw Term Loan Facility, the five-year revolving credit facility, or the 364-day revolving credit facility, and there was $500 million and $750 million outstanding on the Term Loan Facility as of December 31, 2025 and 2024, respectively. In the first quarter of 2025, we repaid $250 million of the Term Loan Facility. The Company expects to use borrowings under the Delayed Draw Term Facility to partially fund the expected acquisition of Intelerad.
The Company pays a facility fee to each lender, which accrues at a rate equal to an applicable margin specified in the revolving credit facility agreements on the daily commitments of the lenders. The borrowings under each of the Credit Facilities will bear interest at variable interest rates equal to: (1) the alternate base rate or (2) the Secured Overnight Financing Rate, in each case plus an applicable margin specified in the respective credit agreement. The Credit Facilities contain affirmative and negative covenants customary to financings of this type that limit, among other things, the Company’s ability to incur additional liens and to enter into certain fundamental change transactions and the incurrence of indebtedness by the Company’s subsidiaries. In addition, the Credit Facilities contain a financial covenant that requires the Company to not exceed a maximum consolidated net leverage ratio. The Company was in compliance with the financial covenant at each reporting period during 2025. The revolving credit facilities will be used for general corporate purposes.
| Borrowings Composition | As of | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
5.600% senior notes due November 15, 2025 | $ | — | $ | 1,500 | ||||
5.650% senior notes due November 15, 2027 | 1,750 | 1,750 | ||||||
4.150% senior notes due December 15, 2028 | 600 | — | ||||||
4.800% senior notes due August 14, 2029 | 1,000 | 1,000 | ||||||
5.857% senior notes due March 15, 2030 | 1,250 | 1,250 | ||||||
4.800% senior notes due January 15, 2031 | 650 | — | ||||||
5.905% senior notes due November 22, 2032 | 1,750 | 1,750 | ||||||
5.500% senior notes due June 15, 2035 | 850 | — | ||||||
4.950% senior notes due December 15, 2035 | 650 | — | ||||||
6.377% senior notes due November 22, 2052 | 1,000 | 1,000 | ||||||
Floating rate Term Loan Facility due January 2, 2026 | 500 | 750 | ||||||
| Other | 24 | 36 | ||||||
| Total principal debt issued | 10,024 | 9,036 | ||||||
| Less: Unamortized debt issuance costs and discounts | 49 | 33 | ||||||
| Add: Cumulative basis adjustment for fair value hedges | 27 | (51) | ||||||
| Total borrowings | 10,003 | 8,951 | ||||||
Less: Short-term borrowings(1) | 508 | 1,502 | ||||||
| Long-term borrowings | $ | 9,495 | $ | 7,449 | ||||
(1) Short-term borrowings as of December 31, 2025 and 2024 includes $502 million and $1,500 million, respectively, related to the current portion of our long-term borrowings, net of unamortized debt issuance costs and discounts.
Interest expense associated with long-term debt was $540 million, $580 million, and $616 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included in Interest and other financial charges – net in the Consolidated Statements of Income.
Scheduled maturities of borrowings, excluding amortization of discounts and debt issuance costs, are as follows.
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | ||||||||||||||
| $ | 508 | $ | 1,767 | $ | 600 | $ | 1,000 | $ | 1,250 | $ | 4,900 | $ | 10,024 | |||||||
See Note 13, “Financial Instruments and Fair Value Measurements” for further information about borrowings and associated derivatives contracts.
LETTERS OF CREDIT, GUARANTEES, AND OTHER COMMITMENTS.
As of December 31, 2025 and 2024, the Company had bank guarantees and surety bonds of approximately $1,149 million and $784 million, respectively, related to certain commercial contracts. Additionally, we have issued approximately $22 million and $25 million of guarantees as of December 31, 2025 and 2024, respectively, primarily related to residual value and credit guarantees on equipment sold to third-party finance companies. Our Consolidated Statements of Financial Position reflect a liability of $3 million as of both December 31, 2025 and 2024 related to these guarantees. For credit-related guarantees, we estimate our expected credit losses related to off-balance sheet credit exposure consistent with the method used to estimate the allowance for credit losses on financial assets held at amortized cost.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 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.