Verisk Analytics, Inc. Debt Disclosure

15.    Debt:

 

The following table presents short-term and long-term debt by issuance date as of December 31:

 

	Issuance		Maturity
	Date		Date		2025				2024
Short-term debt and current portion of long-term debt:
Credit Facilities:
Syndicated revolving credit facility	Various		Various		$	-			$	-
Senior Notes:
4.500% senior notes, less unamortized discount and debt issuance costs of $0.0	8/21/2025		8/15/2030(2)			750.0				-
5.125% senior notes, less unamortized discount and debt issuance costs of $0.0	8/21/2025		2/15/2036(2)			750.0				-
4.000% senior notes, less unamortized discount and debt issuance costs of $0.0 and $(0.3)	5/15/2015		6/15/2025			-				499.7
Finance lease liabilities (1)	Various		Various			8.9				14.5
Short-term debt and current portion of long-term debt						1,508.9				514.2
Long-term debt:
Senior notes:
4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $4.8 and $6.3, respectively	3/6/2019		3/15/2029			604.8				606.3
5.500% senior notes, less unamortized discount and debt issuance costs of $(3.5) and $(3.7), respectively	5/15/2015		6/15/2045			346.5				346.3
3.625% senior notes, less unamortized discount and debt issuance costs of $(8.9) and $(9.2), respectively	5/13/2020		5/15/2050			491.1				490.8
5.750% senior notes, less unamortized discount and debt issuance costs of $(7.0) and $(7.9), respectively	3/3/2023		4/1/2033			493.0				492.1
5.250% senior notes, less unamortized discount and debt issuance costs of $(12.7) and $(14.2), respectively	6/5/2024		6/5/2034			587.3				585.8
5.250% senior notes, less unamortized discount and debt issuance costs of $(7.3)	3/11/2025		3/15/2035			692.7				-
Finance lease liabilities (1)	Various		Various			14.7				26.9
Syndicated revolving credit facility debt issuance costs	Various		Various			(1.8	)			(1.3	)
Long-term debt						3,228.3				2,546.9
Total debt					$	4,737.2			$	3,061.1

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⁽¹⁾ Refer to Note 8. Leases

⁽²⁾ Refer below for details on the classification of the 2030 Senior and 2036 Senior Notes

 

Accrued interest associated with our outstanding debt obligations was $56.6 million and $20.7 million as of  December 31, 2025 and 2024, respectively, and included in “Accounts payable and accrued liabilities” within our accompanying consolidated balance sheets. Interest expense associated with our finance lease and outstanding debt obligations, including amortization of debt issuance costs and original discounts, was $209.4 million, $140.3 million, and $131.3 million for the years ended  December 31, 2025, 2024, and 2023, respectively.

 

Senior Notes

 

As of  December 31, 2025 and 2024, we had senior notes with an aggregate principal amount of $4,750.0 million and $3,050.0 million outstanding, respectively, and were in compliance with our financial and other debt covenants.

 

On March 11, 2025, we completed an issuance of $700.0 million aggregate principal amount of 5.250% senior notes due 2035 (the "2035 Senior Notes"). The 2035 Senior Notes will mature on March 15, 2035 and accrue interest at a fixed rate of 5.250% per annum. Interest is payable semiannually on March 15 and September 15 of each year, beginning  September 15, 2025. The 2035 Senior Notes were issued at a discount of $1.7 million and we incurred debt issuance costs of $6.2 million. The original issuance discount and debt issuance costs were recorded in "Long-term debt" in the accompanying consolidated balance sheets and these costs will be amortized to "Interest expense, net" in the accompanying consolidated statements of operations over the life of the 2035 Senior Notes. In April 2025, we used a portion of the net proceeds of this offering to repay our 4.000% Senior Notes due 2025 (the “2025 Senior Notes”), which had an aggregate principal amount of $500.0 million. We intend to use the remaining net proceeds for general corporate purposes. The indenture governing the 2035 Senior Notes restricts our ability to, among other things, create certain liens, enter into sale/leaseback transactions and consolidate with, sell, lease, convey or otherwise transfer all or substantially all of our assets, or merge with or into, any other person or entity.

 

On August 21, 2025, we completed an issuance of $750.0 million aggregate principal amount of 4.500% senior notes due 2030 (the "2030 Senior Notes") and $750.0 million aggregate principal amount of 5.125% senior notes due 2036 (the "2036 Senior Notes"). The 2030 Senior Notes were issued at a discount of $0.4 million and we incurred debt issuance costs of $6.0 million. The 2036 Senior Notes were issued at a discount of $1.7 million and we incurred debt issuance costs of $6.4 million. The original issuance discount and debt issuance costs were recorded in "Short-term debt and current portion of long-term debt" in the accompanying consolidated balance sheets and these costs will be amortized to "Interest expense, net" in the accompanying consolidated statements of operations over the life of the 2030 and 2036 Senior Notes. We had intended to use the net proceeds of these offerings to finance the purchase price of the acquisition of AccuLynx and to pay related fees and expenses. As noted below under "Special Mandatory Redemption" we have redeemed the 2030 and 2036 Senior Notes in full. 

 

Special Mandatory Redemption

 

On July 29, 2025, we entered into a definitive agreement to acquire ExactLogix, Inc. ("AccuLynx"). The indenture governing the 2030 Senior Notes and 2036 Notes, which were issued in connection with the AccuLynx acquisition, included a special mandatory redemption provision requiring us to redeem the 2030 Senior Notes and 2036 Senior Notes in full upon the occurrence of certain events, including the termination of the acquisition agreement. Upon the termination of the acquisition agreement in accordance with its terms on December 26, 2025, this provision was triggered and we notified the trustee on December 29, 2025 that we will redeem the $1,500.0 million aggregate principal amount of the 2030 Senior Notes and 2036 Senior Notes in full at the special mandatory redemption price, equal to 101% of the principal amount of such notes plus accrued and unpaid interest to the redemption date. As a result, we recognized a total loss of $33.9 million related to the redemption of the 2030 Senior Notes and 2036 Senior Notes consisting of a 1.0% redemption premium of $15.0 million charged to "Net (loss) gain on early extinguishment of debt" and the amortization of deferred issuance costs and original issuance discounts of $18.9 million to "Interest expense, net" within the accompanying consolidated statements of operations. Although the redemption obligation was triggered and the related loss was recognized prior to December 31, 2025, the redemption and cash settlement of the 2030 Senior Notes and 2036 Senior Notes did not occur until January 6, 2026 (See Note 22. Subsequent Events). As a result, the 2030 and 2036 Senior Notes were classified as current liabilities as of December 31, 2025.

 

Credit Facilities

 

We had a syndicated revolving credit facility ("Syndicated Revolving Credit Facility") with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Morgan Stanley Bank, N.A., TD Bank, N.A., Goldman Sachs Bank USA, and the Northern Trust Company with a maturity date of April 5, 2028. On August 15, 2025, we entered into the Third Amended and Restated Credit Agreement (the "Amendment and Restatement") which amended and restated the Syndicated Revolving Credit Facility. The Amendment and Restatement increased our borrowing capacity to $1,250.0 million and extended the maturity date of the Syndicated Revolving Credit Facility to August 15, 2030. Interest on borrowings under the Amendment and Restatement is payable at an interest rate of SOFR plus 100.0 to 162.5 basis points, depending upon our public debt rating. A commitment fee on any unused commitment is payable periodically and may range from 8.0 to 17.5 basis points based upon our public debt rating. The Syndicated Revolving Credit Facility, as amended and restated by the Amendment and Restatement, also contains certain financial and other covenants that, among other things, impose certain restrictions on indebtedness, liens, dispositions, fundamental changes, and use of proceeds. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated interest coverage ratio of at least 3.00 to 1.00, and we have a consolidated funded debt leverage ratio of no more than 3.75 to 1.00. At our election, the maximum consolidated funded debt leverage ratio could be permitted to increase to 4.50 to 1.00 (no more than once) and to 4.25 to 1.00 (no more than once) in connection with the closing of a permitted acquisition. The Syndicated Revolving Credit Facility may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividend payments, and the share repurchase program (the "Repurchase Program"). In connection with the Amendment and Restatement, we incurred additional debt issuance costs of $1.0 million, which will be amortized to "Interest expense, net" within the accompanying consolidated statements of operations over the remaining life of the Syndicated Revolving Credit Facility. As of December 31, 2025, we were in compliance with all financial and other debt covenants under our Syndicated Revolving Credit Facility. As of December 31, 2025 and December 31, 2024, the available capacity under the Syndicated Revolving Credit Facility was $1,245.4 million and $995.4 million, respectively, which takes into account outstanding letters of credit of $4.6 million in both years.

 

On August 15, 2025, we also entered into a $750.0 million Term Credit Agreement (the "Term Loan Facility") with Bank of America N.A. The Term Loan Facility had a maturity date of August 15, 2028 and carried an interest rate of SOFR plus 100.0 to 162.5 basis points, depending upon our public debt rating. The Term Loan Facility also contained certain financial and other covenants that, among other things, imposed certain restrictions on indebtedness, liens, dispositions, fundamental changes, and use of proceeds. The financial covenants required that, we have a consolidated interest rate coverage ratio of at least 3.00 to 1.00, and a consolidated funded debt leverage ratio of no more than 3.75 to 1.00. At our election, the maximum consolidated funded debt leverage ratio could be permitted to increase to 4.50 to 1.00 (no more than once) and to 4.25 to 1.00 (no more than once) in connection with the closing of a permitted acquisition. In connection with the Term Loan Facility, we incurred additional debt issuance costs of $5.8 million, which will be amortized to "Interest expense, net" within the accompanying consolidated statements of operations over the remaining life of the Term Loan Facility. Pursuant to the terms of the Term Credit Agreement, the Term Loan Facility included a termination or reduction of commitments provision pursuant to which the lenders' commitments were subject to automatic termination upon the occurrence of the commitment termination date, which occurred on December 26, 2025 upon the termination of the acquisition agreement for the AccuLynx acquisition in accordance with its terms and, as a result, the commitment of each lender automatically terminated on such date, and the Term Loan Facility was terminated in full on December 26, 2025. 

 

Debt Maturities

 

The following table reflects our debt maturities:

 

Years Ending		Amount
2026		$	1,511.2
2027			8.3
2028			4.0
2029			600.0
2030			-
2031 and thereafter			2,650.0
Total		$	4,773.5