MOOG INC.MOG-A

MOOG INC. Debt Disclosure

10-KFiled Nov 26, 20253 min read
Indebtedness
We maintain short-term line of credit facilities with banks throughout the world that are principally demand lines subject to revision by the banks.
Long-term debt consists of:
September 27,
2025		September 28,
2024
U.S. revolving credit facility$195,000 $375,500 
Term loan250,000 — 
SECT revolving credit facility1,000 1,000 
Senior notes 4.25%500,000 500,000 
Senior debt946,000 876,500 
Less deferred debt issuance cost(314)(2,361)
Less current installments(1,563)— 
Long-term debt$944,123 $874,139 
Our U.S. revolving credit facility, which matures on October 27, 2027, has a capacity of $1,100,000 and provides an expansion option, which permits us to request an increase of up to $400,000 to the credit facility upon satisfaction of certain conditions. The weighted-average interest rate on the outstanding U.S revolving credit facility borrowings is 5.80% and is based on SOFR plus the applicable margin, which was 1.60% at September 27, 2025. On May 30, 2025, we amended and restated our loan agreement to include a $250,000 term loan, with installment payments of $3,125 in 2026, $9,375 in 2027 and the remaining balance on the maturity date of October 27, 2027. Additional principal payments may be required under certain conditions. The proceeds of the term loan were used to pay down outstanding revolver borrowings of the U.S. revolving credit facility. The interest rate on the term loan borrowings was 5.90% and is based on SOFR plus the applicable margin, which was 1.60% at September 27, 2025. The U.S. revolving credit facility and term loan are secured by substantially all of our U.S. assets and contain various covenants which, among others, specify interest coverage and maximum leverage. We are in compliance with all covenants.
On November 6, 2024, the SECT amended the revolving credit facility, which reduced the borrowing capacity from $35,000 to $25,000 and extended the maturity date from October 26, 2025 to October 26, 2026. Interest is based on SOFR plus an applicable margin of 2.23%. A commitment fee is also charged based on a percentage of the unused amounts available and is not material.
We have $500,000 aggregate principal amount of 4.25% senior notes due December 15, 2027 with interest paid semiannually on June 15 and December 15 of each year. The senior notes are unsecured obligations, guaranteed on a senior unsecured basis by certain subsidiaries and contain normal incurrence-based covenants and limitations such as the ability to incur additional indebtedness, pay dividends, make other restricted payments and investments, create liens and certain corporate acts such as mergers and consolidations. We are in compliance with all covenants. The effective interest rate for these notes after considering the amortization of deferred debt issuance costs is 4.60%.
Maturities of long-term debt are:
20262027202820292030Thereafter
Long-term debt maturities$3,125 $10,375 $932,500 $— $— $— 
At September 27, 2025, we had pledged assets with a net book value of $2,163,282 as security for long-term debt.
At September 27, 2025, we had $925,388 of unused short and long-term borrowing capacity, including $900,721 from the U.S. revolving credit facility.
Commitment fees are charged on some of these arrangements and on the U.S. revolving credit facility based on a percentage of the unused amounts available and are not material.

Historical Timeline

Fiscal YearFiled
2025Nov 26, 2025Showing above
2024Nov 27, 2024
2023Nov 14, 2023
2022Nov 14, 2022
2021Nov 15, 2021
2020Nov 17, 2020
2019Nov 12, 2019
2018Nov 13, 2018
2017Nov 14, 2017
2016Nov 14, 2016
2015Nov 16, 2015

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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