Lineage, Inc.LINE
Lineage, Inc. Debt Disclosure
Debt
| (in millions) | December 31, 2025 | December 31, 2024 | |||||||||
| Unsecured credit facilities | $ | 2,565 | $ | 2,772 | |||||||
| Senior unsecured notes | 1,774 | 1,665 | |||||||||
| New senior unsecured notes | 1,323 | — | |||||||||
| Secured debt | 476 | 522 | |||||||||
| Unsecured term loans | 2 | 17 | |||||||||
| Total debt | 6,140 | 4,976 | |||||||||
| Less: Current portion long-term debt | (2) | (56) | |||||||||
| Less: Deferred financing costs | (21) | (13) | |||||||||
| Less: Discount on debt issued | (10) | — | |||||||||
| Less: Below-market debt | — | (4) | |||||||||
| Plus: Above-market debt | — | 3 | |||||||||
| Total long-term debt, net | $ | 6,107 | $ | 4,906 | |||||||
(a)Unsecured Credit Facilities
i.Credit Agreement - Revolving Credit Facility and Term Loan A
Originally entered into on December 22, 2020, and subsequently amended, the Company has an unsecured revolving credit and term loan agreement (collectively, the “Credit Agreement”) consisting of a multi-currency revolving credit facility (the “Revolving Credit Facility” or “RCF”) and a USD denominated term loan (the “Term Loan A” or “TLA”) with various lenders. Effective June 28, 2022, the Company amended and restated the Credit Agreement, increasing the availability under the Revolving Credit Facility to a total capacity of $2,625 million and increasing the Term Loan A commitment to $1,875 million.
Effective February 15, 2024, the Company amended and restated the Credit Agreement increasing the Company’s borrowing capacity under the existing Revolving Credit Facility to $3,500 million and decreasing the total commitment under the Term Loan A to $1,000 million. This pay down of $875 million on the Term Loan A was completed using funds available on the Revolving Credit Facility. Additionally, the amendment gave the Company the right to increase the size of the existing Term Loan A, add one or more incremental term loans, and/or increase commitments under the Revolving Credit Facility, up to $500 million, which would increase the total aggregate commitment amount of the existing Credit Agreement to $5,000 million. This amendment also extended the maturity dates for the Revolving Credit Facility to February 15, 2028 and Term Loan A to February 15, 2029. Under the terms of the Credit Agreement, the Revolving Credit Facility may be extended through two six-month extension options that can be exercised if certain conditions are met.
In connection with the February 2024 refinancing of the Credit Agreement, the Company incurred total fees and expenses of $34 million, of which $31 million was capitalized as deferred financing costs, $2 million was recognized as an immediate loss on extinguishment of debt, and $1 million was recognized in General and administrative expense as third-party costs related to a debt modification. Of the capitalized $31 million in deferred financing costs, $26 million related to the Revolving Credit Facility and $5 million related to the Term Loan A, which are presented in Other assets and Long-term debt, net, respectively, in the consolidated balance sheets. The Company recognized an additional $5 million in loss on extinguishment of debt related to unamortized deferred financing costs for the portions of the Credit Agreement determined to be extinguished.
Borrowings under the Credit Agreement bear interest based on the Company’s elected borrowing type and borrowing currency. The contractual interest rate is equal to the applicable variable reference rate plus the margin rate. The applicable margin rate is based on the Company’s Total Leverage Ratio and the loan borrowing type. The applicable margin for Term Benchmark and Risk-Free Reference (“RFR”) loans ranges
from 1.60% to 2.20% and Alternate Base Rate (“ABR”) loans range from 0.60% to 1.20%. Interest payments on the Revolving Credit Facility and Term Loan A are due quarterly and monthly, respectively.
On July 30, 2024, Moody’s Ratings assigned a first-time Baa2 issuer rating to the Company, with a stable outlook. On August 6, 2024, Fitch Ratings assigned a first-time BBB+ issuer rating to the Company, with a stable outlook. These assigned ratings qualified as an investment grade rating event under the terms of the Credit Agreement and allowed the Company to elect the contractual interest rate margin to be based on the Company’s debt rating instead of the total leverage ratio. Upon receipt of the Fitch Rating, the TLA interest rate was reduced to Secured Overnight Financing Rate (“SOFR”) plus 0.10% (or “Adjusted SOFR”) + 0.93%, and the RCF interest rate was reduced to Adjusted SOFR + 0.78% and a 0.15% commitment fee applied to the total RCF capacity.
Effective November 26, 2025, the Company amended the Credit Agreement to remove the additional 0.10% margin which was added to SOFR to arrive at Adjusted SOFR for USD borrowings under the Revolving Credit Facility and Term Loan A. The amendment also removed an additional 0.29547% margin which was added to the Canadian Overnight Repo Rate Average (“CORRA”) to arrive at Adjusted Term CORRA for CAD-denominated borrowings under the Revolving Credit Facility. Effective November 26, 2025, USD-denominated and CAD-denominated borrowings under the Credit Agreement bear interest at SOFR and CORRA, respectively.
The following table provides the details of the Credit Agreement:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| (in millions) | Contractual Interest Rate (1) | Borrowing Currency Amount | Carrying Amount (USD) | Contractual Interest Rate (1) | Borrowing Currency Amount | Carrying Amount (USD) | |||||||||||||||||
| Term Loan A | |||||||||||||||||||||||
| USD | SOFR+0.93% | 1,000 | $ | 1,000 | SOFR+0.93% | 1,000 | $ | 1,000 | |||||||||||||||
| Revolving Credit Facility | |||||||||||||||||||||||
| USD | SOFR+0.78% | 1,325 | 1,325 | SOFR+0.78% | 1,535 | 1,535 | |||||||||||||||||
| AUD | BBSW+0.78% | 122 | 82 | BBSW+0.78% | 126 | 78 | |||||||||||||||||
| NZD | BKBM+0.78% | 131 | 76 | BKBM+0.78% | 106 | 60 | |||||||||||||||||
| CAD | CORRA+0.78% | 68 | 50 | CORRA+0.78% | 10 | 7 | |||||||||||||||||
| NOK | NIBOR+0.78% | 260 | 25 | NIBOR+0.78% | — | — | |||||||||||||||||
| EUR | EURIBOR+0.78% | 6 | 7 | EURIBOR+0.78% | 55 | 57 | |||||||||||||||||
| DKK | CIBOR+0.78% | — | — | CIBOR+0.78% | 250 | 35 | |||||||||||||||||
| Total Revolving Credit Facility | $ | 1,565 | $ | 1,772 | |||||||||||||||||||
| (1) SOFR = for purpose of the above instruments, the term “SOFR” refers to SOFR or Adjusted SOFR, as defined above, EURIBOR = Euro Interbank Offered Rate, BBSW = Bank Bill Swap Rate, BKBM = Bank Bill Reference Rate, CIBOR = Copenhagen Interbank Offered Rate, NIBOR = Norwegian Interbank Offered Rate, CORRA = for purpose of the above instruments, the term “CORRA” refers to CORRA or the Adjusted Term CORRA, as defined above. | |||||||||||||||||||||||
There were $61 million in letters of credit issued on the Company’s Revolving Credit Facility as of December 31, 2025 and $66 million as of December 31, 2024. Under the Credit Agreement, the Company has the ability to issue up to $100 million as letters of credit.
ii.Delayed-draw term loan facility
On February 15, 2024, the Company entered into an unsecured delayed-draw term loan facility (“DDTL”) with a borrowing capacity of up to $2,400 million. On April 9, 2024, the Company drew $2,400 million under the
DDTL and used the proceeds to pay off the remaining outstanding adjustable rate multi-property loan CMBS 4 (“CMBS 4”). In connection with the execution of the DDTL, the Company incurred and capitalized fees and expenses of $9 million as deferred financing costs.
On July 26, 2024, the Company used a portion of the net proceeds from the IPO to repay in full the remaining outstanding DDTL principal balance of $2,400 million, along with $7 million in accrued interest and fees. Additionally, the Company recorded a $6 million loss on extinguishment of debt related to the write-off of unamortized deferred financing costs previously capitalized for the DDTL.
(b)Senior Unsecured Notes
On August 20, 2021, and on August 15, 2022, the Company issued a series of fixed-rate guaranteed, senior unsecured notes with various maturities pursuant to a private placement financing (“Senior Unsecured Notes”). Interest on these notes is due semi-annually in August and February.
The table below summarizes the balances and terms of the Senior Unsecured Notes:
| (in millions, except interest rates) | Borrowing Currency Amount | Interest rate | Maturity date | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||
| Series A Senior Notes | $300 | 2.22% | 8/20/2026 | $ | 300 | $ | 300 | ||||||||||||||||||||||||||||
| Series B Senior Notes | $375 | 2.52% | 8/20/2028 | 375 | 375 | ||||||||||||||||||||||||||||||
| Series C Senior Notes | €128 | 0.89% | 8/20/2026 | 151 | 133 | ||||||||||||||||||||||||||||||
| Series D Senior Notes | €251 | 1.26% | 8/20/2031 | 295 | 262 | ||||||||||||||||||||||||||||||
| Series E Senior Notes | £145 | 1.98% | 8/20/2026 | 196 | 182 | ||||||||||||||||||||||||||||||
| Series F Senior Notes | £130 | 2.13% | 8/20/2028 | 175 | 163 | ||||||||||||||||||||||||||||||
| Series G Senior Notes | €80 | 3.33% | 8/20/2027 | 94 | 83 | ||||||||||||||||||||||||||||||
| Series H Senior Notes | €110 | 3.54% | 8/20/2029 | 129 | 115 | ||||||||||||||||||||||||||||||
| Series I Senior Notes | €50 | 3.74% | 8/20/2032 | 59 | 52 | ||||||||||||||||||||||||||||||
| Total Senior Unsecured Notes | $ | 1,774 | $ | 1,665 | |||||||||||||||||||||||||||||||
On September 19, 2024, the Company amended all of its outstanding Senior Unsecured Notes. The amendment involved the removal of select note guarantors and the addition of new ones, including Lineage, Inc. As a result of the amendment, $1 million in lender financing fees were incurred and capitalized. Aside from these changes in note holders, there were no significant changes to the total loan amounts, terms, or conditions of the Senior Unsecured Notes.
Some of the Senior Unsecured Notes are set to mature in August 2026 and continue to be presented in Long-term debt, net in the consolidated balance sheets, as the Company has the intent and ability to refinance the obligation on a long-term basis prior to its maturity using the RCF capacity.
(c)New Senior Unsecured Notes
In 2025, the Company issued senior notes fully and unconditionally guaranteed by Lineage, Inc., the Operating Partnership, Lineage Europe Finco B.V., Lineage Logistics Holdings, LLC, and certain other subsidiaries of the Company that guarantee or are otherwise obligated in respect of the Credit Agreement (other than the issuing subsidiary
and any excluded subsidiaries) (“New Senior Unsecured Notes”). A summary of the notes issued and outstanding as of December 31, 2025 is as follows:
| (monetary amounts in millions) | Borrowing Currency Amount | Interest rate | Issuance Date | Interest Payable Date | Maturity date | December 31, 2025 | ||||||||||||||||||||||||||||||||
5.25% Notes | $500 | 5.25% | June 17, 2025 | January 15 and July 15 | July 15, 2030 | $ | 500 | |||||||||||||||||||||||||||||||
4.125% Notes | €700 | 4.13% | November 26, 2025 | November 26 | November 26, 2031 | 823 | ||||||||||||||||||||||||||||||||
| Total New Senior Unsecured Notes | $ | 1,323 | ||||||||||||||||||||||||||||||||||||
Interest on the above notes is paid at the dates noted, commencing in 2026. The 5.25% Notes were issued at 98.991% of par, with a total debt discount of $5 million and debt issuance costs of $5 million. The 4.125% Notes were issued at 99.324% of par, with a total debt discount of $6 million and debt issuance costs of $7 million. The discounts and issuance costs were capitalized as deferred financing costs recorded in Long-term debt, net in the consolidated balance sheets.
The Company may redeem the notes in whole or in part, at any time or two months prior to the respective maturity date (the “Par Call Date”), at a redemption price equal to the greater of: (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon (as calculated pursuant to the terms of the indenture governing the respective notes); and (ii) 100% of the principal amount of the notes being redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. On or after the Par Call Date, the Operating Partnership may redeem the respective notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.
The New Senior Unsecured Notes require that the Operating Partnership and its subsidiaries maintain total unencumbered assets of not less than 150% of the aggregate principal amount of all outstanding unsecured debt of the Operating Partnership and its subsidiaries, as determined on a consolidated basis. The bonds also contain certain financial covenants required, including:
•A maximum total indebtedness to total assets ratio of less than 0.60 to 1.00
•A maximum total secured indebtedness to total assets ratio of less than 0.40 to 1.00; and
•A minimum interest coverage ratio of not less than 1.50 to 1.00.
The Company was in compliance with all financial covenants as of December 31, 2025.
(d)Secured Debt
As of December 31, 2025, the total balance of $476 million was comprised of three secured promissory notes with MetLife Real Estate Lending LLC (the “Metlife Real Estate Notes”) totaling $469 million (due in 2026, 2028, and 2029) and $7 million of other fixed-rate real estate and equipment secured financing agreements with various lenders maturing between 2026 and 2034.
One of the Metlife Real Estate Notes totaling $160 million was paid off on January 2, 2026 using the RCF capacity. It was classified in Long-term debt, net in the consolidated balance sheets as of December 31, 2025, as the Company had the intent and ability to refinance the obligation on a long-term basis prior to its maturity using the RCF capacity.
As of December 31, 2024, the total Secured Debt balance of $522 million was comprised of the Metlife Real Estate Notes totaling $472 million (due in 2026, 2028, and 2029) and $50 million of other fixed-rate real estate and equipment secured financing agreements with various lenders maturing between 2025 and 2034. These debt instruments are secured by various assets specific to the underlying agreement.
During the years ended December 31, 2025 and December 31, 2024, the Company had the following secured debt pay down and refinancing arrangements:
i.Adjustable rate multi-property loan CMBS 4
On May 9, 2019, the Company entered into CMBS 4 with Column Financial, Inc., Bank of America, N.A., and Morgan Stanley Bank, N.A. in the aggregate amount of $2,350 million. On April 9, 2024, the Company fully paid the remaining outstanding CMBS 4 principal balance of $2,344 million, along with $14 million in accrued interest and fees.
ii.Adjustable rate multi-property loan CMBS 5
On October 21, 2020, the Company entered into adjustable rate multi-property loan CMBS 5 (“CMBS 5”) with Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., and JPMorgan Chase Bank, N.A. in the aggregate amount of $1,320 million. On August 9, 2024, the Company fully paid the remaining outstanding CMBS 5 principal balance of $1,298 million, along with $8 million in accrued interest and fees. As a result of the full repayment, the Company recorded a $4 million loss on extinguishment of debt related to the write-off of unamortized deferred financing costs previously capitalized for the CMBS 5 loan.
iii.MetLife Real Estate Lending LLC - Cool Port Oakland
On March 25, 2019, the Company entered into a loan agreement with MetLife Real Estate Lending LLC in the amount of $81 million. On February 6, 2024, the Company entered into a new $81 million loan agreement with MetLife Real Estate Lending LLC, designed as a refinancing arrangement, with a maturity date of March 5, 2029. This agreement enabled the Company to fully pay the outstanding balloon payment of $77 million associated with the previous loan due to mature on March 25, 2024. After the repayment, debt issuance fees, and other closing costs, the Company received net cash proceeds of $4 million. The loan bears interest at SOFR plus a spread of 1.77% per annum. The agreement requires monthly interest-only payments with a balloon repayment of the outstanding principal amount due upon maturity.
iv.Other fixed-rate real estate and equipment secured financing agreements
On April 1, 2025, the Company fully paid the remaining outstanding principal balance of $20 million on a loan with Midland Loan Services, which was maturing on June 6, 2025.
On December 11, 2025, the Company fully paid the remaining outstanding principal balance of $19 million on loan with Wells Fargo Bank, N. A. which had reached maturity.
On September 3, 2024, the Company fully paid the remaining outstanding principal balance of $24 million on a loan with Wilmington Trust, N. A., which was maturing on September 1, 2044, with early payment permitted beginning on June 1, 2024.
(e)Unsecured term loans
As of December 31, 2025 and December 31, 2024, the total balance of $2 million and $17 million, respectively, was comprised of euro denominated borrowings the Company assumed as part of a prior acquisition. The Company paid off $12 million of debt relating to the Spain Transportation business during the year ended December 31, 2025, recognizing a $3 million loss on extinguishment of debt.
(f)Deferred financing costs and discount
During the years ended December 31, 2025, 2024, and 2023, the Company recognized amortization of deferred financing costs recorded to Interest expense, net of $12 million, $18 million, and $19 million, respectively.
As of December 31, 2025 and December 31, 2024, the amount of unamortized deferred financing costs in Long-term debt, net within the consolidated balance sheets was $21 million and $13 million, respectively. As of December 31, 2025
and December 31, 2024, the amount of unamortized deferred financing costs in Other assets in the consolidated balance sheets was $21 million and $28 million, respectively.
As of December 31, 2025, the amount of unamortized discount on debt issued in Long-term debt, net within the consolidated balance sheets was $10 million. During the year ended December 31, 2025, the Company recognized immaterial amortization of discount in Interest expense, net.
Future maturitiesFuture payments on debt based on contractual maturities, if contractual extensions are executed, for each of the next five years and thereafter are as follows (in millions):
| Year ending December 31: | |||||
2026 (1) | $ | 809 | |||
| 2027 | 96 | ||||
| 2028 | 779 | ||||
| 2029 | 2,776 | ||||
| 2030 | 501 | ||||
| 2031 and thereafter | 1,179 | ||||
| Total debt | $ | 6,140 | |||
(1) Includes $807 million of debt classified as long-term on the consolidated balance sheets, as the Company has the intent and ability to refinance the obligation on a long-term basis prior to its maturity using the RCF capacity. | |||||
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.