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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt |
5. Debt
Senior Convertible Notes
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
| December 31,
(In millions) | 2024 |  | 2023
Principal amount: |  |  |
Senior Convertible Notes due 2025 | $ | 1,207.5 |  |  | $ | 1,207.5 |
Senior Convertible Notes due 2028 | 1,250.0 |  |  | 1,250.0 |
Total principal amount | 2,457.5 |  |  | 2,457.5 |
Unamortized debt issuance costs | (16.1) |  |  | (23.3) |
Carrying amount of senior convertible notes | $ | 2,441.4 |  |  | $ | 2,434.2 |
For our senior convertible notes for which the if-converted value exceeded the principal amount, the amount in excess of principal was as follows as of the dates indicated:
| December 31,
(In millions) | 2024 |  | 2023
Senior Convertible Notes due 2025 | $ | — |  |  | $ | 56.1 |
Senior Convertible Notes due 2028 | — |  |  | 33.6 |
Total by which the notes’ if-converted value exceeds their principal amount | $ | — |  |  | $ | 89.7 |
The following table summarizes the components of interest expense and the effective interest rates for our senior convertible notes for the periods shown:
| Twelve Months Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Cash interest expense: |  |  |  |  |
Contractual coupon interest (1) | $ | 7.7 |  |  | $ | 9.1 |  |  | $ | 8.8 |
Non-cash interest expense: |  |  |  |  |
Amortization of debt issuance costs | 7.2 |  |  | 7.3 |  |  | 5.9 |
Total interest expense recognized on senior notes | $ | 14.9 |  |  | $ | 16.4 |  |  | $ | 14.7 |
Effective interest rate: |  |  |  |  |
Senior Convertible Notes due 2023 (2) | * |  | 1.1 | % |  | 1.1 | %
Senior Convertible Notes due 2025 | 0.5 | % |  | 0.5 | % |  | 0.5 | %
Senior Convertible Notes due 2028 | 0.7 | % |  | 0.7 | % |  | *
(1) Interest on our unsecured senior convertible notes due 2023, or the 2023 Notes, began accruing upon issuance and was payable semi-annually on June 1 and December 1 of each year until the 2023 Notes matured on December 1, 2023. Interest on our unsecured senior convertible notes due 2025, or the 2025 Notes, began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year. Interest on our unsecured senior convertible notes due 2028, or the 2028 Notes, began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year.
(2) The effective interest rate presented represents the rate applicable for the period outstanding. The 2023 Notes matured on December 1, 2023 and are no longer outstanding.
* Not applicable as no notes were outstanding in the relevant period.
Revolving Credit Agreement
Terms of the Revolving Credit Agreement In June 2023, we entered into the First Amendment to the Second Amended and Restated Credit Agreement, as amended, or the Amended Credit Agreement, which we had previously entered into in October 2021. The Amended Credit Agreement is a five-year revolving credit facility, or the Credit Facility, that provides for an available principal amount of $200.0 million which can be increased up to $500.0 million at our option subject to customary conditions and approval of our lenders. The Amended Credit Agreement will mature on October 13, 2026. Borrowings under the Amended Credit Agreement are available for general corporate purposes, including working capital and capital expenditures. Information related to availability and outstanding borrowings on our Amended Credit Agreement is as follows as of the date indicated:
| December 31,
(In millions) | 2024
Available principal amount | $ | 200.0 |
Letters of credit sub-facility | 25.0 |
Outstanding borrowings | — |
Outstanding letters of credit | 7.7 |
Total available balance | $ | 192.3 |
Revolving loans under the Amended Credit Agreement bear interest at our choice of one of three base rates plus a range of applicable rates that are based on our leverage ratio. The minimum and maximum range of applicable rates per annum with respect to any ABR Loan, Term Benchmark Revolving Loan, or RFR Revolving Loan, each as defined in the Amended Credit Agreement under the captions “ABR Spread”, “Term Benchmark”, and “RFR Spread”, or “Unused Commitment Fee Rate”, respectively, are outlined in the following table:
Range | ABR Spread | Term Benchmark/RFR Spread | Unused Commitment Fee Rate
Minimum | 0.375% | 1.375% | 0.175%
Maximum | 1.000% | 2.000% | 0.250%
Our obligations under the Amended Credit Agreement are guaranteed by our existing and future wholly-owned domestic subsidiaries, and are secured by a first-priority security interest in substantially all of the assets of Dexcom and the guarantors, including all or a portion of the equity interests of our domestic subsidiaries and first-tier foreign subsidiaries but excluding real property and intellectual property (which is subject to a negative pledge). The Amended Credit Agreement contains covenants that limit certain indebtedness, liens, investments, transactions with affiliates, dividends and other restricted payments, subordinated indebtedness and amendments to subordinated indebtedness documents, and sale and leaseback transactions of Dexcom or any of its domestic subsidiaries. The Amended Credit Agreement also requires us to maintain a maximum leverage ratio and a minimum fixed charge coverage ratio. We were in compliance with these covenants as of December 31, 2024. As of December 31, 2024, we have no other material guarantee facilities or lines of credit.

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