PLEXUS CORPPLXS

PLEXUS CORP Debt Disclosure

10-KFiled Nov 14, 20253 min read
Debt, Finance Lease and Other Financing Obligations
Debt and finance lease obligations as of September 27, 2025 and September 28, 2024, consisted of the following (in thousands):
20252024
4.05% Senior Notes, due June 15, 2025
$— $100,000 
4.22% Senior Notes, due June 15, 2028
50,000 50,000 
Borrowings under the Credit Facility40,000 50,000 
Finance lease and other financing obligations48,274 48,142 
Unamortized deferred financing fees(494)(824)
Total obligations137,780 247,318 
Less: current portion(45,793)(157,325)
Long-term debt, finance lease and other financing obligations, net of current portion$91,987 $89,993 
On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of $150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. On June 15, 2025, the Company repaid, on maturity, $100.0 million in principal amount of its 4.05% Series A Senior Notes.
The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as total leverage ratio and a minimum interest coverage
ratio. As of September 27, 2025, $50.0 million of the 4.22% Series B Senior Notes were outstanding and the Company was in compliance with the covenants under the 2018 NPA. The remaining 4.22% Series B Senior Notes may be prepaid in whole or in part at any time, subject to payment of a make-whole amount; interest on the notes is payable semiannually.
On June 9, 2022, the Company refinanced its then-existing senior unsecured revolving credit facility (as amended by that certain Amendment No. 1 to Credit Agreement dated April 29, 2020, the "Prior Credit Facility") by entering into a new 5-year revolving credit facility (collectively with the Prior Credit Facility, referred to as the "Credit Facility"), which expanded the maximum commitment from $350.0 million to $500.0 million and extended the maturity from May 15, 2024 to June 9, 2027. The maximum commitment under the Credit Facility may be further increased to $750.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2025, the highest daily borrowings were $128.0 million; the average daily balance was $46.5 million. The Company borrowed $477.0 million and repaid $487.0 million of revolving borrowings ("revolving commitment") under the Credit Facility during fiscal 2025. As of September 27, 2025, the Company was in compliance with all financial covenants relating to the Credit Facility, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused credit facility based on the Company's leverage ratio; the fee was 0.10% as of September 27, 2025.
The aggregate scheduled maturities of the Company’s debt obligations as of September 27, 2025, are as follows (in thousands):
2026$40,000 
2027— 
202850,000 
2029— 
2030— 
Total$90,000 
The aggregate scheduled maturities of the Company’s finance leases and other financing obligations as of September 27, 2025, are as follows (in thousands):
2026$5,793 
202713,954 
20282,581 
20291,223 
20301,213 
Thereafter23,510 
Total$48,274 
The Company's weighted average interest rate on finance lease obligations was 16.4% and 16.7% as of September 27, 2025 and September 28, 2024, respectively.

Historical Timeline

Fiscal YearFiled
2025Nov 14, 2025Showing above
2024Nov 15, 2024
2023Nov 17, 2023
2022Nov 18, 2022
2021Nov 19, 2021
2020Nov 20, 2020

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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