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Debt And Interest Expense
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt And Interest Expense Debt
Senior Notes
The following table summarizes information related to our Senior notes:
Issuance DateMaturity DateInterest RatePrincipal
As of December 31,
20242023
(in millions except interest rates)
Senior notes due 2025March 27, 2015April 1, 20255.25 %$500.0 $500.0 
Senior notes due 2027July 5, 2017July 15, 20274.75 %550.0 550.0 
Senior notes due 2031June 8, 2021June 15, 20312.70 %750.0 750.0 
Less: unamortized issuance costs(7.7)(9.8)
Total senior notes
1,792.3 1,790.2 
Less: current portion of senior notes due 2025
(299.8)— 
Total long-term senior notes
$1,492.5 $1,790.2 
The 2031 Notes were issued at 99.712% of par value. The 2025 and 2027 notes were issued at par and all outstanding senior notes are senior unsecured obligations of the Company. Interest is payable on each of the senior notes semi-annually. Each of the senior notes issuances is redeemable, in whole or in part, at the Company’s option at times and redemption prices specified in the indentures.
Current and long-term senior notes as of December 31, 2024 reflect the classification of $299.8 million of the Company’s $500.0 million senior notes due April 1, 2025 (“2025 Senior Notes”), net of unamortized debt issuance costs, as current liabilities, and the remaining $200.0 million as long-term liabilities. Under existing market conditions, the Company intends to refinance all of its 2025 Senior Notes through the issuance of new long-term debt. As of December 31, 2024, the Company has $200.0 million in borrowing capacity under its credit facility discussed below. If a suitable refinancing arrangement is not available due to a change in market conditions, the Company intends to utilize the credit facility to repay $200.0 million of the 2025 Senior Notes.
2023 Credit Facility
On December 6, 2023, the Company entered into a credit agreement for a $200.0 million committed unsecured revolving credit facility (the “2023 Credit Facility”) which takes the place of its prior unsecured revolving credit facility. The 2023 Credit Facility includes a financial covenant requiring that the Company’s leverage ratio not exceed 4.0 to 1.0, which may be increased subject to certain conditions defined in the 2023 Credit Facility Agreement. As of December 31, 2024, there were no borrowings outstanding under the 2023 Credit Facility, and the Company was in compliance with the financial covenants. The 2023 Credit Facility expires on December 6, 2028, at which time any outstanding borrowings are due. Verisign may from time to time request lenders to agree on a discretionary basis to increase the commitment amount by up to an aggregate of $150.0 million.