OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
16. Debt The Company was obligated under the following debt instruments (in millions):
December 31,
2025
2024
4.600% Senior notes due May 2028 3.100% Senior notes due March 2030
$
300.0 $
300.0 300.0
300.0 500.0
Term loan due March 2027
—
Other long-term debt
3.8
5.2
Total long-term debt
1,103.8
605.2
Current maturities of long-term debt
(0.6) (2.9)
(2.3) (3.4)
Debt issuance costs
Total long-term debt, less current maturities (net of debt issuance costs)
$
1,100.3 $
599.5
Revolving credit facilities
$
— $
360.0
Current maturities of long-term debt
0.6
2.3
Total revolving credit facilities and current maturities of long-term debt
$
0.6 $
362.3
In March 2022, the Company entered into a Third Amended and Restated Credit Agreement with various lenders (as amended, the “Credit Agreement”). The Credit Agreement provides for an unsecured revolving credit facility (the “Revolving Credit Facility”) with a maximum aggregate availability of $1.55 billion that matures in March 2027. At December 31, 2025, specified outstanding letters of credit of $35.3 million reduced available capacity under the Revolving Credit Facility to $1.51 billion. Under the Credit Agreement, the Company is obligated to pay (i) an unused commitment fee ranging from 0.080% to 0.225% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.438% to 1.500% per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement. Borrowings under the Credit Agreement bear interest for dollar-denominated loans at a variable rate equal to (i) Term SOFR (the forward-looking secured overnight financing rate) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied, or (ii) the base rate (which is the highest of (x) Bank of America, N.A.’s prime rate, (y) the federal funds rate plus 0.50% or (z) the sum of 1.00% plus one-month Term SOFR) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied. At December 31, 2025, the applicable interest spread was 112.5 basis points. On March 31, 2025, the Company entered into a credit agreement with various lenders to borrow funds under a $500 million unsecured term loan (the “Term Loan”) that matures in March 2027. The Term Loan bears interest at a variable rate per annum equal to, at the Company’s election, (i) Term SOFR (the forward-looking secured overnight financing rate) plus 0.90%, or (ii) the base rate (which is the highest of (x) PNC Bank, N.A.’s prime rate, (y) the overnight bank funding rate plus 0.50% or (z) the sum of 1.00% plus one-month Term SOFR). At December 31, 2025, the interest spread on the Term Loan was 90.0 basis points, resulting in an interest rate of 4.62%. The Credit Agreement and the Term Loan contain various restrictions and covenants, including a requirement that the Company maintain a leverage ratio at certain levels, subject to certain exceptions, restrictions on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional subsidiary indebtedness and consummate acquisitions and a restriction on the disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole.
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