HYSTER-YALE, INC.HY

HYSTER-YALE, INC. Debt Disclosure

10-KFiled Mar 3, 20264 min read
Current and Long-Term Financing
The following table summarizes available and outstanding borrowings:
 December 31
 20252024
Total outstanding borrowings:  
Revolving credit agreements$109.6 $54.2 
Term loan, net213.1 214.6 
Other debt150.7 148.5 
Finance lease obligations20.9 23.4 
Total debt outstanding$494.3 $440.7 
Plus: discount on term loan and unamortized deferred financing fees1.8 2.5 
Total debt outstanding, gross$496.1 $443.2 
Current portion of borrowings outstanding$242.4 $198.8 
Long-term portion of borrowings outstanding$251.9 $241.9 
Total available borrowings, net of limitations, under revolving credit agreements$301.7 $296.9 
Unused revolving credit agreements$192.1 $242.7 
Weighted average stated interest rate on total borrowings6.3 %7.0 %
Weighted average effective interest rate on total borrowings (including interest rate swap agreements)5.4 %7.8 %
Annual maturities of total debt, excluding finance leases, are as follows:
2026$235.1 
202729.7 
2028208.6 
2029— 
2030— 
Thereafter— 
 $473.4 
Interest paid on total debt was $30.4 million, $34.5 million and $36.4 million during 2025, 2024 and 2023, respectively.
In 2025, the Company entered into an amended and restated agreement for a $300.0 million secured, floating-rate revolving credit facility (the “Facility”). The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility matures on June 24, 2030. The Facility replaced the Company’s previous revolving credit facility, which was set to mature on June 24, 2026.
The Facility can be increased up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders. The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property. The approximate book value of assets held as collateral under the Facility was $1.1 billion as of December 31, 2025.
The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Facility. The Facility limits the payment of dividends and other restricted payments the Company may make unless certain total excess availability and/or fixed charge coverage ratio thresholds, each as set forth in the Facility, are satisfied. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio when total excess availability is less than the greater of 10% of the total borrowing base, as defined in the Facility, and $20.0 million. At December 31, 2025, the Company was in compliance with the covenants in the Facility.
Key terms of the Facility as of December 31, 2025 were as follows:
FACILITY
U.S. borrowing capacity$210.0 
Non-U.S. borrowing capacity90.0 
Outstanding103.3 
Availability restrictions4.6 
Availability$192.1 
Applicable margins, as defined in agreement
U.S. base rate loans
0.25% to 0.75%
SOFR, EURIBOR and non-U.S. base rate loans
 1.25% to 1.75%
Applicable margins, for amounts outstanding
U.S. base rate loans
0.50%
SOFR loans
1.50%
Non-U.S. base rate loans
1.50%
Applicable interest rate, for amounts outstanding
  U.S. base rate
7.25%
SOFR
5.30%
Facility fee, per annum on unused commitment
0.25%
The Company has a $225.0 million term loan (the "Term Loan"), which matures in May 2028. The Term Loan was amended in the second quarter of 2023 for the purpose of changing the benchmark interest rate for borrowings under the Term Loan from LIBOR to Term SOFR, each as defined in the Term Loan.
The Term Loan requires quarterly principal payments on the last day of each March, June, September and December, which commenced September 30, 2021, in an amount equal to $0.6 million and the final principal repayment is due in May 2028. The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan.
The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, U.S. material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on U.S. working capital assets of the borrowers and guarantors of the Term Loan, which includes, but is not limited to cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Term Loan was $0.8 billion as of December 31, 2025.
In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of dividends and other restricted payments the Company may make in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 2.50 to 1.00 at the time of the payment. At December 31, 2025, the Company was in compliance with the covenants in the Term Loan.
Key terms of the Term Loan as of December 31, 2025 were as follows:
TERM LOAN
Outstanding$214.9 
Discounts and unamortized deferred financing fees1.8 
Net amount outstanding$213.1 
Applicable margins, as defined in agreement
  U.S. base rate loans
2.50%
SOFR
3.50%
SOFR adjustment, as defined in the agreement
0.11%
SOFR floor
0.50%
Applicable interest rate, for amounts outstanding
7.33%
The Company had other debt outstanding excluding finance leases, of approximately $150.7 million and $6.3 million of revolving credit facilities at December 31, 2025. In addition to the excess availability under the Facility of $192.1 million, the Company had remaining availability of $54.3 million related to other non-U.S. revolving credit agreements.
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Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Feb 25, 2025
2023Feb 27, 2024
2022Feb 27, 2023
2021Feb 28, 2022

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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