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Long-Term Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The Company’s outstanding debt consisted of the following:
(in millions)CurrencyMaturity DateMarch 31, 2025December 31, 2024
Term loansUSDJanuary 2027$354 $444 
Senior notesUSDOctober 2028300 300 
OtherUSDAugust 20333 3 
Total debt657 747 
Less: unamortized debt issuance costs(4)(5)
Total debt, net of unamortized debt issuance costs653 742 
Less: current portion of long-term debt— (50)
Long-term debt$653 $692 
Credit Facility
In January 2022, the Company entered into a credit agreement with Bank of America, N.A. and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1,250 million (collectively, and as amended, the “Credit Facility”), consisting of term loans and revolving loan commitments. The Company’s wholly owned subsidiary, UL LLC, a Delaware limited liability company, provides a guaranty of its obligations thereunder. As of March 31, 2025, the Company was in compliance with all covenants under the Credit Facility. The interest rate on the term loans was 5.55% as of March 31, 2025 and 5.58% as of December 31, 2024.
Senior Notes
In October 2023, the Company issued $300 million in aggregate principal amount of 6.500% senior notes due 2028 (the “notes”). The notes are senior unsecured obligations of UL Solutions Inc. and are unconditionally guaranteed by UL LLC. Borrowings under the notes bear a fixed interest rate of 6.500% per annum.