SEABOARD CORP /DE/ Debt Disclosure

Note 7 − Debt

Lines of Credit

The outstanding balances under uncommitted lines of credit were $274 million and $139 million as of December 31, 2025 and 2024, respectively. Of the outstanding balance as of December 31, 2025, $139 million was denominated in foreign currencies, with $94 million denominated in the euro. Of the outstanding balance as of December 31, 2024, $83 million was denominated in foreign currencies, with $62 million denominated in the South African rand. The uncommitted lines of credit are due on demand. Seaboard has an uncommitted line of credit agreement with up to $100 million of borrowing capacity that is secured by eligible accounts receivable. There were no borrowings outstanding under this uncommitted line as of December 31, 2025.

During 2025, Seaboard amended its committed line of credit agreement. The amendment decreased the amount available under the facility from $450 million to $300 million and extended the maturity date of the facility to March 23, 2026. This line of credit is secured by certain short-term investments and bears interest at the Secured Overnight Financing Rate (“SOFR”) plus an applicable spread. The outstanding balances under the committed line of credit were $184 million and $175 million as of December 31, 2025 and 2024, respectively.

The weighted-average interest rate for outstanding lines of credit was 4.79% and 6.47% as of December 31, 2025 and 2024, respectively.

Long-Term Debt

The following table is a summary of long-term debt:

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The Term Loan due 2033 credit agreement requires quarterly payments on the original $975 million principal balance, with the remaining outstanding balance due upon maturity on November 10, 2033. Interest is incurred at one of four options selected by the borrower: fluctuating rates based on various margins over a Base Rate, Term SOFR, Daily Simple

SOFR or a fixed Quoted Rate. The interest rate was 5.39% and 6.08% as of December 31, 2025 and 2024, respectively. Seaboard was in compliance with all restrictive debt covenants as of December 31, 2025, under this credit agreement.

Seaboard has a note payable of $30 million that incurs a fixed interest rate of 1.28% and matures in December 2027, with principal due upon maturity.

The aggregate minimum principal payments required on long-term debt as of December 31, 2025, were as follows: $11 million in 2026, $41 million in 2027, $11 million in 2028, $11 million in 2029, $11 million in 2030 and $906 million thereafter.