PPG INDUSTRIES INCPPG
PPG INDUSTRIES INC Debt Disclosure
Borrowings and Lines of Credit
Long-term Debt Obligations
| ($ in millions) | Maturity Date | 2025 | 2024 | |||||||||||
0.875% notes (€600) | 2025 | — | 620 | |||||||||||
1.875% notes (€300) | 2025 | — | 310 | |||||||||||
1.2% notes ($700) | 2026 | 700 | 698 | |||||||||||
1.4% notes (€600) | 2027 | 704 | 619 | |||||||||||
Term Loan due 2028 (€1,050)(1) | 2028 | 1,233 | 776 | |||||||||||
3.75% notes ($800)(2) | 2028 | 801 | 806 | |||||||||||
2.5% notes (€80) | 2029 | 94 | 83 | |||||||||||
2.8% notes ($300) | 2029 | 299 | 298 | |||||||||||
2.75% notes (€700) | 2029 | 819 | 718 | |||||||||||
2.55% notes ($300) | 2030 | 298 | 297 | |||||||||||
4.375% notes ($700) | 2031 | 692 | — | |||||||||||
3.25% notes (€900) | 2032 | 1,047 | — | |||||||||||
1.95% note (€50) | 2037 | 58 | 51 | |||||||||||
7.7% notes ($176) | 2038 | 175 | 175 | |||||||||||
5.5% notes ($250) | 2040 | 248 | 248 | |||||||||||
3.0% notes (€120) | 2044 | 135 | 118 | |||||||||||
| Finance lease obligations | Various | 7 | 7 | |||||||||||
Impact of derivatives on debt(3) | N/A | (6) | (16) | |||||||||||
| Total | $7,304 | $5,808 | ||||||||||||
| Less payments due within one year | N/A | 702 | 932 | |||||||||||
| Long-term debt | $6,602 | $4,876 | ||||||||||||
(1)As of December 31, 2025, the Term Loan was due in 2028. In January 2026, the Term Loan was amended to extend its maturity to January 2029.
(2)In February 2018, PPG entered into interest rate swaps which converted $375 million of the notes from a fixed interest rate to a floating interest rate based on the three month SOFR. The impact of the derivative on the notes represents the fair value adjustment of the debt. The average effective interest rate for the portion of the notes impacted by the swaps was 5.5% and 6.4% for the years ended December 31, 2025 and 2024, respectively. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
(3)Fair value adjustment of the 3.75% $800 million notes as a result of fair value hedge accounting treatment related to the outstanding interest rate swaps as of December 31, 2025 and 2024. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
Credit Agreements
In April 2023, PPG entered into a €500 million term loan credit agreement (the "Term Loan"). The Term Loan contains covenants that are consistent with those in the Credit Agreement discussed below and that are usual and customary restrictive covenants for facilities of its type, which include, with specified exceptions, limitations on the Company’s ability to create liens or other encumbrances, to enter into sale and leaseback transactions and to enter into consolidations, mergers or transfers of all or substantially all of its assets. In April 2023, PPG borrowed €500 million under the Term Loan. In December 2023, PPG obtained lender commitments sufficient to increase the size of the Term Loan by €250 million. In January 2024, PPG borrowed the additional €250 million. In December 2024, PPG obtained lender commitments sufficient to increase the size of the Term Loan by €300 million. In January 2025, PPG borrowed the additional €300 million. In January 2026, the Term Loan was amended to extend its maturity. Based on this amendment, the Term Loan terminates and all amounts outstanding are payable in January 2029. The Term Loan is denominated in euro and has been designated as a hedge of the net investment in the Company’s European operations. For more information, refer to Note 11 “Financial Instruments, Hedging Activities and Fair Value Measurements.”
In July 2023, PPG amended and restated its -year credit agreement (the "Credit Agreement") dated as of August 30, 2019, extending the term through July 27, 2028. In October 2025, PPG amended the Credit Agreement to extend its maturity as to certain commitments. The amended Credit Agreement provides for a $2.3 billion unsecured revolving credit facility, of which $2,148 million of the total commitment has a term through July 2029 and $152 million of the total commitment has a term through July 2028. The Company has the ability to increase the size of the Credit Agreement by up to an additional $750 million, subject to the receipt of lender commitments and other conditions precedent. The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain subsidiaries of the Company as borrowers under the Credit Agreement. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries under the Credit Agreement. There were no amounts outstanding under the Credit Agreement as of December 31, 2025 and December 31, 2024.
Borrowings under the Credit Agreement may be made in U.S. Dollars or in euros. The Credit Agreement provides that loans will bear interest at rates based, at the Company’s option, on one of two specified base rates plus a margin based on certain formulas defined in the Credit Agreement. Additionally, the Credit Agreement contains a Commitment Fee, as defined in the Credit Agreement, on the amount of unused commitments under the Credit Agreement ranging from 0.060% to 0.125% per annum.
The Credit Agreement also supports the Company’s commercial paper borrowings which are classified as long-term based on PPG’s intent and ability to refinance these borrowings on a long-term basis. There were no commercial paper borrowings outstanding as of both December 31, 2025 and December 31, 2024.
The Credit Agreement contains usual and customary restrictive covenants for facilities of its type, which include, with specified exceptions, limitations on the Company’s ability to create liens or other encumbrances, to enter into sale and leaseback transactions and to enter into consolidations, mergers or transfers of all or substantially all of its assets. The Credit Agreement also requires the Company to maintain a ratio of Total Indebtedness to Total Capitalization, as defined in the Credit Agreement, of 60% or less; provided, that for any fiscal quarter in which the Company has made an acquisition for consideration in excess of $1 billion and for the next five fiscal quarters thereafter, the ratio of Total Indebtedness to Total Capitalization may not exceed 65% at any time. As of December 31, 2025, Total Indebtedness to Total Capitalization as defined under the Credit Agreement was 47%.
The Credit Agreement contains, among other things, customary events of default that would permit the lenders to accelerate the loans, including the failure to make timely payments when due under the Credit Agreement or other material indebtedness, the failure to satisfy covenants contained in the Credit Agreement, a change in control of the Company and specified events of bankruptcy and insolvency.
Other Long-term Debt Activities
In November 2025, PPG’s €600 million 0.875% notes matured, and the Company repaid this obligation using cash on hand.
In October 2025, PPG completed a public offering of $700 million 4.375% Notes due 2031. These notes were issued pursuant to PPG’s existing shelf registration statement and pursuant to an indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented (the "2025 Indenture"). The 2025 Indenture governing these notes contains covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Company’s assets. The terms of these notes also require the Company to make an offer to repurchase Notes upon a Change of Control Triggering Event (as defined in the 2025 Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest. The Company may issue additional debt from time to time pursuant to the Indenture. The aggregate cash proceeds from the notes, net of discounts and fees, was $693 million.
In June 2025, PPG's €300 million 1.875% notes matured, and the Company repaid this obligation using cash on hand.
In March 2025, PPG completed a public offering of €900 million 3.250% Notes due 2032. These notes were issued pursuant to PPG’s existing shelf registration statement and pursuant to an indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented. These notes contain covenants materially consistent with the $700 million 4.375% Notes due 2031 discussed above. The aggregate cash proceeds from the notes, net of discounts and fees, was $940 million. The notes are denominated in euro and the notes have been designated as hedges of net investments in the Company’s European operations. Refer to Note 11 “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
In August 2024, PPG’s $300 million 2.4% notes matured, and the Company repaid this obligation using cash on hand.
In March 2023, PPG’s $300 million 3.2% notes matured, and the Company repaid this obligation using cash on hand.
In February 2021, PPG entered into a $2.0 billion term loan credit agreement (the "Term Loan Credit Agreement") to finance the Company’s acquisition of Tikkurila, and to pay fees, costs and expenses related thereto. The Term Loan Credit Agreement provided the Company with the ability to borrow up to an aggregate principal amount of $2.0 billion on an unsecured basis. In 2023, PPG fully repaid the remaining $1.1 billion that was outstanding under the Term Loan Credit Agreement using cash on hand.
Restrictive Covenants and Cross-Default Provisions
As of December 31, 2025, PPG was in full compliance with the restrictive covenants under its various credit agreements, loan agreements and indentures.
Additionally, the Company’s Credit Agreement and Term Loan contain customary cross-default provisions. These provisions provide that a default on a debt service payment of $100 million or more for longer than the grace period provided under another agreement may result in an event of default under this agreement. None of the Company’s primary debt obligations are secured or guaranteed by the Company’s affiliates.
Long-term Debt Maturities
| ($ in millions) | Maturity per year | ||||
| 2026 | $702 | ||||
| 2027 | $702 | ||||
2028(1) | $2,023 | ||||
| 2029 | $1,212 | ||||
| 2030 | $295 | ||||
| Thereafter | $2,370 | ||||
(1)As of December 31, 2025, the Term Loan with an outstanding balance of $1,233 million was due in 2028. The Term Loan is shown as due in 2028 within this table. In January 2026, the Term Loan was amended to extend its maturity to January 2029.
Short-term Debt Obligations
| ($ in millions) | 2025 | 2024 | |||||||||
| Various, weighted average 0.7% and 1.9% as of December 31, 2025 and 2024, respectively. | $4 | $7 | |||||||||
Lines of Credit, Letters of Credit and Surety Bonds
PPG’s non-U.S. operations have uncommitted lines of credit totaling $436 million of which none was used as of December 31, 2025. These uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees.
The Company had outstanding letters of credit and surety bonds of $272 million and $302 million as of December 31, 2025 and 2024, respectively. The letters of credit secure the Company’s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business. The Company does not believe any loss related to these letters of credit or surety bonds is likely.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2017 | Feb 15, 2018 | |
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.