At September 30, 2025 and December 31, 2024, our long-term debt and interest rates on that debt were as follows (dollars in millions)


	September 30, 2025					December 31, 2024
	Amount		Interest Rate			Amount		Interest Rate
Revolving Credit Facility	$	—		—	%	$	—		—	%
Three-Year Term Loan, due September 2028		500.0		5.28	%		—		—	%
Seven-Year Farm Credit Loan, due September 2032		500.0		6.13	%		—		—	%
3.40% Senior Notes, net of discount of $0.4 million and $0.6 million as of September 30, 2025 and December 31, 2024, respectively, due December 2027		499.6		3.40	%		499.4		3.40	%
3.00% Senior Notes, net of discount of $0.3 million as of both September 30, 2025 and December 31, 2024, due December 2029		499.7		3.00	%		499.7		3.00	%
5.70% Senior Notes, net of discount of $0.3 million as of both September 30, 2025 and December 31, 2024, due December 2033		399.7		5.70	%		399.7		5.70	%
5.20% Senior Notes, net of discount of $0.1 million as of September 30, 2025, due August 2035		499.9		5.20	%		—		—	%
4.05% Senior Notes, net of discount of $3.1 million and $3.2 million as of September 30, 2025 and December 31, 2024, respectively, due December 2049		396.9		4.05	%		396.8		4.05	%
3.05% Senior Notes, net of discount of $3.4 million as of both September 30, 2025 and December 31, 2024, due October 2051		696.6		3.05	%		696.6		3.05	%
Total		3,992.4		4.39	%		2,492.2		3.69	%
Less unamortized debt issuance costs		26.0					18.0
Total long-term debt	$	3,966.4		4.39	%	$	2,474.2		3.69	%

On August 11, 2025, the Company issued $500 million of 5.20% senior notes due 2035 through a registered public offering. The net proceeds from this transaction were used to finance the Greif Acquisition. The $5.0 million of debt issuance costs associated with the new notes will be amortized to interest expense using the effective interest method over the term of the notes.

On July 31, 2025, the Company entered into two credit agreements (the first credit agreement being the “Commercial Credit Agreement” and the second credit agreement being the “Farm Credit Agreement” and collectively, the “Credit Agreements”). The Commercial Credit Agreement includes i) a $500.0 million three-year unsecured term loan facility and ii) a $600.0 million unsecured revolving credit facility. The Farm Credit Agreement includes a $500.0 million seven-year unsecured term loan facility. The proceeds of the term loan facilities under the Credit Agreements were fully drawn upon on September 2, 2025 to finance the Greif Acquisition.

Loans under the Commercial Credit Agreement bear interest at the secured overnight financing rate (SOFR) or the base rate plus a margin, which, under the Commercial Credit Agreement, is determined based upon: (i) in the case of the revolving credit facility, our leverage ratio or debt rating, and (ii) in the case of the term loan facility, our debt rating. Loans under the Farm Credit Agreement bear interest at SOFR or the base rate plus a margin, which is determined based upon our debt rating.

The Credit Agreements contain customary affirmative and negative covenants, including limitations on liens, mergers and consolidations, sales of assets and subsidiary indebtedness, and events of default. The Credit Agreements have a financial covenant for maximum leverage ratio calculated on a consolidated basis. At September 30, 2025, we were in compliance with this covenant.

PCA may prepay loans under the Credit Agreements at any time without premium or penalty.

The Commercial Credit Agreement replaces our old Credit Agreement, dated June 8, 2021 and amended on April 27, 2023 (the “Old Credit Agreement”), which was terminated. Revolving loans under the Commercial Credit Agreement have a five-year term and are available for borrowings for working capital and general corporate purposes. Except for approximately $27.5 million of letters of credit, (i) no borrowings were outstanding under the Old Credit Agreement and (ii) no borrowings are outstanding under the revolving credit facility included in the Commercial Credit Agreement.

Borrowings under the Credit Agreements are guaranteed by PCA’s material subsidiaries.

For the nine months ended September 30, 2025 and 2024, cash payments for interest were $46.7 million and $61.4 million, respectively.

Included in interest expense, net is the amortization of financing costs, which includes the amortization of debt issuance costs and amortization of bond discounts. For the three months ended September 30, 2025 and 2024, amortization of debt issuance costs was $3.4 million and $0.5 million, respectively, and during the nine months ended September 30, 2025 and 2024, amortization of debt issuance costs was $4.2 million and $1.4 million, respectively. For both the three and nine month periods ended September 30, 2025 and 2024, the amortization of bond discounts was insignificant.

At September 30, 2025, we had $2,992.4 million of fixed-rate senior notes and $1,000.0 million of variable-rate notes outstanding. The fair value of our fixed-rate debt was estimated to be $2,683.9 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2024 Annual Report on Form 10-K.

For more information on our long-term debt and interest rates on that debt, see Note 10, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2024 Annual Report on Form 10-K.