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DEBT | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT Debt consisted of the following:
| June 30, 2025 |  |
Term loan, due 2032 | $ | 900,000 |  |  |
Less: current portion[1] | (9,000) |  |  |
Less: unamortized discount and debt issuance costs | (28,083) |  |  |
Total long-term debt | $ | 862,917 |  |  |
[1] The current portion of the Company’s debt is included in other current liabilities on the unaudited condensed consolidated balance sheet. The Company’s debt outstanding as of June 30, 2025 matures as follows:
2025 | $ | 4,500 |
2026 | 9,000 |
2027 | 9,000 |
2028 | 9,000 |
2029 | 9,000 |
Thereafter | 859,500 |
Total Debt | $ | 900,000 |
Unamortized discounts and debt issuance costs | (28,083) |
Total debt, net of unamortized discounts and debt issuance costs | $ | 871,917 |
Credit Agreement On April 1, 2025, Celsius Holdings, Inc. and Celsius, Inc., as borrowers, certain subsidiaries of Celsius as guarantors, the lenders and issuing banks from time to time party thereto and UBS AG, Stamford Branch, as administrative agent and collateral agent, entered into a credit agreement (the "Credit Agreement"). The Credit Agreement provides for a term loan facility in an aggregate principal amount of up to $900.0 million (the “Term Loan Facility”), which was fully drawn on the Closing Date to fund a portion of the cash consideration, payable to the sellers in the Acquisition, and a revolving credit facility in an aggregate principal amount of up to $100.0 million (the “Revolving Facility”) (which may include the issuance of letters of credit in a stated face amount of up to, but not exceeding, $50.0 million). The Term Loan Facility matures on April 1, 2032, and the Revolving Facility matures on April 1, 2030. There were no borrowings under the Revolving Facility as of June 30, 2025. As of June 30, 2025, the Company’s unamortized debt issuance costs related to the Revolving Facility were $2.6 million which is included in other long term assets in the unaudited condensed consolidated balance sheet. As of June 30, 2025 there were no outstanding letters of credit under the Revolving Facility. Borrowings under the Credit Agreement bear interest, in the case of the Revolving Facility, (A) at a rate equal to (1) the highest of (w) the U.S. prime rate, (x) the Federal Funds Rate plus 0.5%, (y) the sum of the benchmark rate for an interest period of one month plus 1.00%, and (z) 1.00%, plus (2) a margin of 2.0% in the case of alternate base rate loans and (B) a rate equal to term SOFR or EURIBOR rate plus a margin of 3.0% in the case of benchmark rate loans and, in the case of the Term Loan Facility, (A) at a rate equal to (1) the highest of (w) the U.S. prime rate, (x) the Federal Funds Rate plus 0.5%, (y) the sum of the benchmark rate for an interest period of one month plus 1.00%, and (z) 1.00%, plus (2) a margin of 2.25% in the case of alternate base rate loans and (B) a rate equal to term SOFR or EURIBOR plus a margin of 3.25% in the case of benchmark rate loans. Subsequent to the delivery of the financial statements for the first full fiscal quarter following the Closing Date, the interest rate margins under the Term Loan Facility and the Revolving Facility will be subject to step-downs based on the first lien net leverage ratio. The applicable interest rate will be adjusted quarterly on a prospective basis based upon the first lien net leverage ratio in accordance with the terms of the Credit Agreement. The effective interest rate for the three months ended June 30, 2025 was 8.16%. The Term Loan Facility is guaranteed by certain wholly owned domestic subsidiaries of the Company, other than certain excluded subsidiaries, including, but not limited to, immaterial subsidiaries and foreign subsidiaries. The Term Loan Facility and Revolving Facility are secured by a first priority security interest in the Company's and the other borrowers’ and guarantors’ cash, accounts receivable, intellectual property, books and records and related assets and certain intellectual property of other subsidiaries. The Credit Agreement contains customary restrictive covenants that, among other things, generally limit the ability of the Company and substantially all of its subsidiaries to (i) create liens, (ii) pay dividends, acquire shares of capital stock and make payments on subordinated debt, (iii) sell assets, (iv) enter into transactions with affiliates, (v) effect mergers and (vi) incur indebtedness. The Credit Agreement additionally contains customary representations, warranties, affirmative covenants and events of default (subject to grace periods). The Company believes that it was in compliance with all covenants at June 30, 2025. Beginning in the third quarter of the year ended December 31, 2025, the Credit Agreement requires that the Company make quarterly amortization payments equal to 0.25% of the original principal amount of the Term Loan Facility (subject to reductions by optional and mandatory prepayments of the loans). Additionally, the Credit Agreement requires that the Company make mandatory prepayments in connection with certain assets sales, the incurrence of certain additional indebtedness, and the Company’s cash flow exceeding specified thresholds, in each case subject to various limitations and exceptions. The estimated fair value of outstanding debt is determined using a present value approach based on future cash flows, utilizing model-derived valuations that incorporate observable inputs such as benchmark interest rates and credit spreads, and is classified within level 2 of the fair value hierarchy. Given the recent inception of the Term Loan Facility and its variable interest rate structure, based on benchmark rates plus a Company-specific credit spread, the Company determined that the carrying amount of the Term Loan Facility approximated its fair value as of June 30, 2025.

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