MSCI Inc.MSCI
MSCI Inc. Debt Disclosure
DEBT
As of December 31, 2025, the Company had outstanding an aggregate of $6.0 billion in senior unsecured notes (collectively, the “Senior Notes”) and $0.3 billion under the Revolving Credit Facility (as defined below) as presented in the table below:
| (in thousands) | Maturity Date | Principal amount outstanding at December 31, 2025 | Carrying value at December 31, 2025 | Carrying value at December 31, 2024 | Fair Value at December 31, 2025 | Fair Value at December 31, 2024 | ||||||||||||||||||||||||||||||||
| Debt | ||||||||||||||||||||||||||||||||||||||
4.000% senior unsecured notes due 2029 | November 15, 2029 | $ | 1,000,000 | $ | 995,818 | $ | 994,727 | $ | 980,000 | $ | 944,070 | |||||||||||||||||||||||||||
3.625% senior unsecured notes due 2030 | September 1, 2030 | 900,000 | 896,911 | 896,249 | 861,300 | 820,845 | ||||||||||||||||||||||||||||||||
3.875% senior unsecured notes due 2031 | February 15, 2031 | 1,000,000 | 994,348 | 993,255 | 963,000 | 918,400 | ||||||||||||||||||||||||||||||||
3.625% senior unsecured notes due 2031 | November 1, 2031 | 600,000 | 596,167 | 595,509 | 564,600 | 538,350 | ||||||||||||||||||||||||||||||||
3.250% senior unsecured notes due 2033 | August 15, 2033 | 700,000 | 694,870 | 694,201 | 630,000 | 592,046 | ||||||||||||||||||||||||||||||||
5.250% senior unsecured notes due 2035 | September 1, 2035 | 1,250,000 | 1,230,856 | — | 1,262,500 | — | ||||||||||||||||||||||||||||||||
5.150% senior unsecured notes due 2036 | March 15, 2036 | 500,000 | 493,149 | — | 499,500 | — | ||||||||||||||||||||||||||||||||
Variable rate revolving loans(1) | August 20, 2030 | 300,000 | 300,000 | 336,875 | 297,000 | 333,506 | ||||||||||||||||||||||||||||||||
| Total debt | $ | 6,250,000 | $ | 6,202,119 | $ | 4,510,816 | $ | 6,057,900 | $ | 4,147,217 | ||||||||||||||||||||||||||||
__________________________
(1)As of December 31, 2025, there were $5.6 million in unamortized deferred financing fees associated with the variable rate revolving loan commitments under the Revolving Credit Facility (“Revolving Loan Commitments”) of which $1.2 million is included in “Prepaid and other assets,” and $4.4 million is included in “Other non-current assets” on the Consolidated Statement of Financial Condition.
Maturities of the Company’s principal debt payments as of December 31, 2025 are as follows:
| Maturity of Principal Debt Payments (in thousands) | Amounts | |||||||
| 2026 | $ | — | ||||||
| 2027 | — | |||||||
| 2028 | — | |||||||
| 2029 | 1,000,000 | |||||||
| 2030 | 1,200,000 | |||||||
| Thereafter | 4,050,000 | |||||||
| Total debt | $ | 6,250,000 | ||||||
Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table:
| Interest payment frequency | First interest payment date | |||||||||||||
Senior Notes and Revolving Loan Commitments | ||||||||||||||
4.000% senior unsecured notes due 2029 | Semi-Annual | May 15 | ||||||||||||
3.625% senior unsecured notes due 2030 | Semi-Annual | March 1 | ||||||||||||
3.875% senior unsecured notes due 2031 | Semi-Annual | June 1 | ||||||||||||
3.625% senior unsecured notes due 2031 | Semi-Annual | May 1 | ||||||||||||
3.250% senior unsecured notes due 2033 | Semi-Annual | February 15 | ||||||||||||
5.250% senior unsecured notes due 2035(1) | Semi-Annual | March 1 | ||||||||||||
5.150% senior unsecured notes due 2036(2) | Semi-Annual | March 15 | ||||||||||||
Variable rate revolving loans (3) | Variable | October 22 | ||||||||||||
______________________________
(1)The first payment will occur on March 1, 2026.
(2)The first payment will occur on March 15, 2026.
(3)The first payment occurred on October 22, 2025.
The fair market value of the Company’s debt obligations represent Level 2 valuations. The Company utilized the market approach and obtained security pricing from a vendor who used broker quotes and third-party pricing services to determine fair values.
Senior Notes. The $1,000.0 million aggregate principal amount of 4.000% senior unsecured notes due 2029 (the “2029 Senior Notes”) are scheduled to mature on November 15, 2029. The Company may redeem all or part of the 2029 Senior Notes, together with accrued and unpaid interest at redemption prices set forth in the indenture governing the 2029 Senior Notes.
The $900.0 million aggregate principal amount of 3.625% senior unsecured notes due 2030 (the “2030 Senior Notes”) are scheduled to mature on September 1, 2030. The Company may redeem all or part of the 2030 Senior Notes, together with accrued and unpaid interest at redemption prices set forth in the indenture governing the 2030 Senior Notes.
The $1,000.0 million aggregate principal amount of 3.875% senior unsecured notes due 2031 (the “2031A Senior Notes”) are scheduled to mature on February 15, 2031. The Company may redeem all or part of the 2031A Senior Notes, together with accrued and unpaid interest at redemption prices set forth in the indenture governing the 2031A Senior Notes.
The $600.0 million aggregate principal amount of 3.625% Senior Unsecured Notes due 2031 (the “2031B Senior Notes”) are scheduled to mature on November 1, 2031. At any time prior to November 1, 2026, the Company may redeem all or part of the 2031B Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2031B Senior Notes, together with accrued and unpaid interest, on or after November 1, 2026, at redemption prices set forth in the indenture governing the 2031B Senior Notes.
The $700.0 million aggregate principal amount of 3.250% Senior Unsecured Notes due 2033 (the “2033 Senior Notes”) are scheduled to mature on August 15, 2033. At any time prior to August 15, 2027, the Company may redeem all or part of the 2033 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In
addition, the Company may redeem all or part of the 2033 Senior Notes, together with accrued and unpaid interest, on or after August 15, 2027, at redemption prices set forth in the indenture governing the 2033 Senior Notes.
On August 8, 2025, the Company issued $1,250.0 million aggregate principal amount of 5.250% Senior Unsecured Notes due 2035 (the “2035 Senior Notes”) in a registered public offering. The 2035 Senior Notes are scheduled to mature on September 1, 2035. At any time prior to June 1, 2035, the Company may redeem all or part of the 2035 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest, if any, thereon to, but not including, the redemption date. On or after June 1, 2035, the 2035 Senior Notes are redeemable at 100% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date.
On November 6, 2025, the Company issued $500.0 million aggregate principal amount of 5.150% Senior Unsecured Notes due 2036 (the “2036 Senior Notes”) in a registered public offering. The 2036 Senior Notes are scheduled to mature on March 15, 2036. At any time prior to December 15, 2035, the Company may redeem all or part of the 2036 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest, if any, thereon to, but not including, the redemption date. On or after December 15, 2035, the 2036 Senior Notes are redeemable at 100% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date.
Credit Agreement. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks. On August 20, 2025, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) amending and restating in its entirety the Company’s prior Second Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The Credit Agreement makes available to the Company an aggregate of $1.6 billion (from $1.25 billion under the Prior Credit Agreement) under a revolving credit facility (the “ Revolving Credit Facility”) and extends the availability period until August 20, 2030. Prior to entering into the Credit Agreement, the Company applied part of the proceeds of its offering of the 2035 Senior Notes to repay in full all outstanding borrowings under the Prior Credit Agreement. The obligations under the Credit Agreement are unsecured senior obligations of the Company.
As of December 31, 2025, the Company had $300.0 million of revolving loans outstanding under the Revolving Credit Facility. The Company may use the Revolving Credit Facility for general corporate purposes (including, working capital and acquisitions and other transactions permitted under the Credit Agreement).
Interest on the revolving loans under the Credit Agreement accrues, at a variable rate, based on the secured overnight funding rate (“SOFR”) or the alternate base rate (“Base Rate”), plus, in each case, an applicable margin determined based on the credit ratings of the Company’s senior, unsecured long-term debt. As of December 31, 2025, the applicable margin is 0.50% for Base Rate loans, and 1.50% for SOFR loans. At December 31, 2025, the interest rate on the revolving loans under the Revolving Credit Facility was 5.3%.
In connection with the closings of the Senior Notes offerings, entry into the Prior Credit Agreement and entry into the Credit Agreement, the Company paid certain financing fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At December 31, 2025, $53.3 million of the deferred financing fees and premium remain unamortized, $1.2 million of which is included in “Prepaid and other assets,” $4.4 million of which is included in “Other non-current assets” and $47.7 million of which is included in “Long-term debt” on the Consolidated Statement of Financial Condition.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 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.