NEWMONT Corp /DE/NEM
NEWMONT Corp /DE/ Debt Disclosure
DEBT
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At December 31, 2025 (1) | At December 31, 2024 (1) | ||||||||||||||||||||||||||||
| Non-Current | Fair Value (2) | Current | Non-Current | Fair Value (2) | |||||||||||||||||||||||||
5.30% Senior Notes due March 2026 | $ | — | $ | — | $ | 924 | $ | — | $ | 948 | |||||||||||||||||||
2.80% Senior Notes due October 2029 | 265 | 257 | — | 633 | 587 | ||||||||||||||||||||||||
3.25% Senior Notes due May 2030 | 379 | 411 | — | 554 | 583 | ||||||||||||||||||||||||
2.25% Senior Notes due October 2030 | 246 | 230 | — | 872 | 765 | ||||||||||||||||||||||||
2.60% Senior Notes due July 2032 | 785 | 728 | — | 821 | 713 | ||||||||||||||||||||||||
5.35% Senior Notes due March 2034 | 987 | 1,061 | — | 987 | 1,012 | ||||||||||||||||||||||||
5.875% Senior Notes due April 2035 | 502 | 567 | — | 581 | 625 | ||||||||||||||||||||||||
6.25% Senior Notes due October 2039 | 275 | 308 | — | 861 | 934 | ||||||||||||||||||||||||
5.75% Senior Notes due November 2041 | 292 | 326 | — | 457 | 500 | ||||||||||||||||||||||||
4.875% Senior Notes due March 2042 | 562 | 553 | — | 949 | 891 | ||||||||||||||||||||||||
5.45% Senior Notes due June 2044 | 460 | 433 | — | 479 | 435 | ||||||||||||||||||||||||
4.20% Senior Notes due May 2050 | 365 | 409 | — | 363 | 407 | ||||||||||||||||||||||||
| Debt issuance costs on Corporate Revolving Credit Facilities | (3) | — | — | (5) | — | ||||||||||||||||||||||||
| $ | 5,115 | $ | 5,283 | $ | 924 | $ | 7,552 | $ | 8,400 | ||||||||||||||||||||
(1)All outstanding senior notes are unsecured and rank equally with one another.
(2)The estimated fair value of the senior notes was determined by an independent third-party pricing source and may or may not reflect the actual trading value of this debt.
Maturities for the next five years, and thereafter, are as follows:
| Year Ending December 31, | |||||
| 2026 | $ | — | |||
| 2027 | — | ||||
| 2028 | — | ||||
| 2029 | 267 | ||||
| 2030 | 671 | ||||
| Thereafter | 4,405 | ||||
| Total face value of debt | 5,343 | ||||
| Unamortized premiums, discounts, and issuance costs | (228) | ||||
| Debt | $ | 5,115 | |||
Corporate Revolving Credit Facilities and Letters of Credit Facilities
In connection with the Newcrest transaction on November 6, 2023, the Company assumed bilateral bank debt facilities totaling $2,000, of which $1,923 was outstanding at December 31, 2023. In February 2024, the Company repaid the full amount outstanding and terminated the facilities.
On February 15, 2024, the Company amended and restated its $3,000 revolving credit agreement dated as of April 4, 2019 (the “Existing Credit Agreement”) to $4,000 and extended the maturity date from March 30, 2026 to February 15, 2029. The amended facility was entered into with a syndicate of financial institutions and provides for borrowings in U.S. dollars and contains a letter of credit sub-facility.
Interest is based on Term SOFR plus a credit spread adjustment and margin. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. Debt covenants under the amendment are substantially the same as the Existing Credit Agreement and the letter of credit sub-facility on the Existing Credit Agreement was retained.
On February 20, 2024, the Company drew $1,461 on the amended facility and used the proceeds, along with existing cash balances, to repay the bilateral bank debt facilities. In March 2024, the Company repaid the full amount drawn on the amended facility as described below under 2026 and 2034 Senior Notes. As a result, the Company had no borrowings outstanding under the amended facility at December 31, 2025 and 2024. There were also no amounts outstanding on the letters of credit sub-facility at December 31, 2025 and 2024.
At December 31, 2025 and 2024 the Company had letters of credit outstanding in the amounts of $1,139 and $1,034, respectively, of which $1,005 and $900 represented guarantees for reclamation obligations, respectively. None of these letters of credit have been drawn on for reclamation obligations as of December 31, 2025 and 2024.
2026 and 2034 Senior Notes
On March 7, 2024, the Company issued $2,000 unsecured Senior Notes comprised of $1,000 due March 15, 2026 (“2026 Senior Notes”) and $1,000 due March 15, 2034 ("2034 Senior Notes"). Net proceeds from the 2026 and 2034 Senior Notes were $1,980. Interest will be paid semi-annually at a rate of 5.30% and 5.35% per annum for the 2026 and the 2034 Senior Notes, respectively. The proceeds from this issuance were used to repay the drawdown on the revolving credit facility. The 2026 Senior Notes were fully redeemed in the first quarter of 2025; see below for further information.
Debt Extinguishments
For the year ended December 31, 2025, the Company redeemed senior notes through full and partial redemptions, totaling $3,448 and $51 in principal and accrued interest, respectively. These transactions resulted in a total loss on extinguishment for the year ended December 31, 2025 of $101, recognized in Other income (loss), net, including the acceleration of $54 loss from Accumulated other comprehensive income (loss) related to previously terminated interest rate cash flow hedges.
For the year ended December 31, 2024, the Company redeemed senior notes through partial redemptions, totaling $483 and $4 in principal and accrued interest, respectively. These transactions resulted in a total gain on extinguishment for the year ended December 31, 2024 of $32, recognized in Other income (loss), net, including the acceleration of $6 loss from Accumulated other comprehensive income (loss) related to previously terminated interest rate cash flow hedges.
The following table summarizes the redemptions by senior note:
| Year Ended December 31, | |||||||||||||||||||||||
| 2025 | 2024 (1) | ||||||||||||||||||||||
| Settled Principal Amount | Total Repurchase Amount | Settled Principal Amount | Total Repurchase Amount | ||||||||||||||||||||
5.30% Senior Notes due March 2026 (2) | $ | 928 | $ | 957 | $ | 72 | $ | 74 | |||||||||||||||
2.80% Senior Notes due October 2029 | 371 | 357 | 62 | 58 | |||||||||||||||||||
3.25% Senior Notes due May 2030 | 210 | 202 | 17 | 16 | |||||||||||||||||||
2.25% Senior Notes due October 2030 | 631 | 583 | 120 | 107 | |||||||||||||||||||
2.60% Senior Notes due July 2032 | 38 | 32 | 174 | 150 | |||||||||||||||||||
5.35% Senior Noted due March 2034 | 1 | 1 | — | — | |||||||||||||||||||
5.875% Senior Notes due April 2035 | 83 | 87 | — | — | |||||||||||||||||||
6.25% Senior Notes due October 2039 | 595 | 666 | — | — | |||||||||||||||||||
5.75% Senior Notes due November 2041 | 182 | 192 | — | — | |||||||||||||||||||
4.875% Senior Notes due March 2042 | 392 | 384 | 38 | 36 | |||||||||||||||||||
5.45% Senior Notes due June 2044 | 17 | 17 | — | — | |||||||||||||||||||
| $ | 3,448 | $ | 3,478 | $ | 483 | $ | 441 | ||||||||||||||||
(1)Excludes activity related to the bilateral bank debt facilities and the revolving credit facility.
(2)The repurchase amount of the 2026 Senior Notes during 2025 included a make-whole provision of $10.
Debt Covenants
The Company’s senior notes and revolving credit facility contain various covenants and default provisions including payment defaults, limitations on liens, leases, sales and leaseback agreements, merger restrictions, limiting the sale of all or substantially all of the Company’s assets, certain change of control provisions, and a negative pledge on certain assets. Additionally, the corporate revolving credit facility contains a financial ratio covenant requiring the Company to maintain a net debt (total debt net of cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50%. At December 31, 2025, the Company was in compliance with all existing debt covenants.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 17, 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.