METTLER TOLEDO INTERNATIONAL INC/MTD
METTLER TOLEDO INTERNATIONAL INC/ Debt Disclosure
DEBT
Debt consisted of the following at December 31:
| 2025 | 2024 | ||||||||||
| 4.24% $125 million 10-year Senior Notes due June 25, 2025 | — | 125,000 | |||||||||
| 3.91% $75 million 10-year Senior Notes due June 25, 2029 | 75,000 | 75,000 | |||||||||
| 5.45% $150 million 10-year Senior Notes due March 1, 2033 | 150,000 | 150,000 | |||||||||
| 2.83% $125 million 12-year Senior Notes due July 22, 2033 | 125,000 | 125,000 | |||||||||
| 3.19% $50 million 15-year Senior Notes due January 24, 2035 | 50,000 | 50,000 | |||||||||
| 2.81% $150 million 15-year Senior Notes due March 17, 2037 | 150,000 | 150,000 | |||||||||
| 2.91% $150 million 15-year Senior Notes due September 1, 2037 | 150,000 | 150,000 | |||||||||
| 1.47% EUR 125 million 15-year Senior Notes due June 17, 2030 | 146,753 | 129,840 | |||||||||
| 1.30% EUR 135 million 15-year Senior Notes due November 6, 2034 | 158,493 | 140,227 | |||||||||
| 1.06% EUR 125 million 15-year Senior Notes due March 19, 2036 | 146,753 | 129,840 | |||||||||
| 3.80% EUR 100 million 10 1/2-year Senior Notes due July 9, 2035 | 117,402 | — | |||||||||
| Senior Notes debt issuance costs, net | (3,833) | (4,260) | |||||||||
| Total Senior Notes | 1,265,568 | 1,220,647 | |||||||||
$1.35 billion Credit Agreement, interest at benchmark plus 87.5 basis points(1)(2) | 809,215 | 730,203 | |||||||||
| Other local arrangements | 77,389 | 63,038 | |||||||||
| Total debt | 2,152,172 | 2,013,888 | |||||||||
| Less: current portion | (63,931) | (182,623) | |||||||||
| Total long-term debt | $ | 2,088,241 | $ | 1,831,265 | |||||||
(1) See Note 6 and Note 7 for additional disclosures on the financial instruments associated with the Credit Agreement.
(2) The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for euro and SONIA for Great British pounds.
At December 31, 2025, the interest payments associated with 71% of the Company’s debt are fixed obligations. The Company’s weighted average interest rate was 3.2% and 3.6% for the years ended December 31, 2025 and 2024, respectively.
Senior Notes
The Senior Notes listed above are senior unsecured obligations of the Company and interest is payable semi-annually. The Company may at any time prepay the Senior Notes, in whole or in part, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interests, and in some instances a “make whole” prepayment premium. The Euro Senior Notes, if prepaid, may also include a swap related currency loss. The Senior Notes each contain customary affirmative and negative covenants including, among others, limitations on the Company and its subsidiaries with respect to incurrence of liens and priority indebtedness, disposition of assets, mergers, and transactions with affiliates. In December 2021, the Company amended all of its U.S. Senior Note agreements to conform to the financial covenants in the underlying agreements. The amended agreements require the Company to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less, except in certain circumstances and (ii) an interest coverage ratio of 3.0 to 1.0 or greater. The Credit Agreement has several events of default, with customary grace periods as applicable. The Company was in compliance with its covenants at December 31, 2025.
Total issuance costs of approximately $3.8 million have been incurred by the Company related to the Senior Notes mentioned above and are being amortized to interest expense over the various terms.
In January 2025, the Company entered into an agreement to issue and sell EUR 100 million 10 1/2-year Senior Notes with a fixed interest rate of 3.8% (3.8% Euro Senior Notes) in a private placement, which will mature in July 2035. The 3.8% Euro Senior Notes are unsecured obligations of the Company and the terms are consistent with the previous Notes as described above. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.
The Company has designated its EUR 125 million 1.47% Euro Senior Notes, EUR 135 million 1.30% Euro Senior Notes, the EUR 125 million 1.06% Euro Senior Notes, and the EUR 100 million 3.80% Euro Senior Notes as a hedge of a portion of its net investment in a euro-denominated foreign subsidiary to reduce foreign currency risk associated with this net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized loss of $65.6 million, an unrealized gain of $25.0 million, and an unrealized loss of $12.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company has an unrealized loss of $23.3 million associated with these net investment hedges recorded in accumulated other comprehensive income (loss) as of December 31, 2025.
Credit Agreement
On May 30, 2024, the Company entered into a $1.35 billion Credit Agreement (the Credit Agreement), which amended its $1.25 billion Amended and Restated Credit Agreement (the Prior Credit Agreement). As of December 31, 2025, the Company had $536.3 million of additional borrowings available under its Credit Agreement.
The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of May 30, 2029. It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured.
Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company’s consolidated leverage ratio. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are similar to those contained in the Prior Credit Agreement, with which the Company was in compliance as of December 31, 2025. The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less except in certain circumstances and (ii) an interest coverage ratio of 3.0 to 1.0 or greater. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default, with customary grace periods as applicable. The Company incurred approximately $0.2 million of debt extinguishment costs during 2024 related to the Prior Credit Agreement. The Company capitalized $2.0 million in financing fees during 2024 associated with the Credit Agreement, which will be amortized to interest expense through 2029.
Other Local Arrangements
In April 2018, two of the Company’s non-U.S. pension plans issued loans totaling $48 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and
conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 8, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 2, 2017 | |
| 2015 | Feb 4, 2016 | |
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.