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Debt and Credit Arrangements | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt and Credit Arrangements | Debt and Credit Arrangements Summary of Outstanding Borrowings The following table represents the components of our borrowings:
| March 31, 2025 |  | December 31, 2024
Senior secured and senior unsecured notes: |  |  |
Principal amount, senior secured notes due 2030 | $ | 1,457.0 |  |  | $ | 1,460.0 |
Principal amount, senior unsecured notes due 2031 | 510.0 |  |  | 510.0 |
Unamortized discount | (22.6) |  |  | (23.5) |
Unamortized debt issuance costs | (27.6) |  |  | (28.8) |
Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs | 1,916.8 |  |  | 1,917.7 |
Senior secured revolving credit facilities and term loans: |  |  |
Term loans due March 2030 | 1,581.0 |  |  | 1,581.0 |
Senior secured revolving credit facility due April 2029 | 290.4 |  |  | 205.0 |
Unamortized discount | (30.2) |  |  | (31.3) |
Unamortized debt issuance costs | (31.1) |  |  | (32.3) |
Senior secured revolving credit facility and term loan, net of unamortized discount and debt issuance costs | 1,810.1 |  |  | 1,722.4 |
Other debt facilities | 2.1 |  |  | 1.5 |
Total debt, net of unamortized debt issuance costs | 3,729.0 |  |  | 3,641.6 |
Less: Current maturities | 1.4 |  |  | 0.9 |
Long-term debt | $ | 3,727.6 |  |  | $ | 3,640.7 |
Cash paid for interest during the three months ended March 31, 2025 and 2024 was $115.4 and $121.4, respectively. Senior Secured and Unsecured Notes On December 22, 2022, we completed the issuance and sale of (i) $1,460.0 aggregate principal amount of 7.500% Secured Notes at an issue price of 98.661% and (ii) $510.0 aggregate principal amount of 9.500% Unsecured Notes (together with the Secured Notes, the “Notes”), at an issue price of 97.949%. The Secured Notes mature on January 1, 2030, and the Unsecured Notes mature on January 1, 2031. The effective interest rate on the Secured Notes and Unsecured Notes is 7.8% and 9.9%, respectively, after accounting for original issue discounts and debt issuance costs. Senior Secured Revolving Credit Facility and Term Loans Senior Secured Revolving Credit Facility Our fifth amended and restated credit agreement dated as of April 8, 2024, as amended (the “Credit Agreement”) provides for a senior secured revolving credit facility (the “SSRCF”). The SSRCF had a borrowing capacity of $1,250.0 and includes sub limits for letters of credit and swingline loans. At March 31, 2025, there were $290.4 in borrowings outstanding under the SSRCF bearing an interest rate of 6.0% (7.0% as of December 31, 2024) and $264.6 in letters of credit and bank guarantees outstanding supported by the SSRCF. As of March 31, 2025, we had unused borrowing capacity of $695.0. A portion of borrowings outstanding under the SSRCF are denominated in euros (“EUR Revolver Borrowings”). EUR Revolver Borrowings outstanding were euro 78.0 million (equivalent to $84.4) at March 31, 2025 and euro 78.0 million (equivalent to $81.0) at December 31, 2024. Significant financial covenants for the SSRCF include financial maintenance covenants that (i) require the ratio of the amount of Chart and its subsidiaries’ consolidated total net indebtedness to consolidated EBITDA to be less than the Maximum Total Net Leverage Ratio Levels and (ii) require the ratio of the amount of Chart and its subsidiaries’ consolidated EBITDA to consolidated cash interest expense to be greater than the Minimum Interest Coverage Ratio Levels. The SSRCF includes a number of other customary covenants. At March 31, 2025, we were in compliance with all covenants. Term Loans Chart has term loans in the aggregate principal amount of $1,581.0 under the Credit Agreement, which mature on March 18, 2030 (“term loans due March 2030”). As of March 31, 2025, the term loans due March 2030 bore an interest rate of 6.8% (7.1% as of December 31, 2024). The effective interest rate on the term loans due March 2030 is 9.1% after accounting for original issue discount and debt issuance costs. Significant financial covenants and customary events of default for the term loans due March 2030 are substantially identical to those in the SSRCF. Other Debt Facilities We have local credit facilities to meet local working capital demands, fund letters of credit and bank guarantees, and support other short-term cash requirements. The facilities generally have variable interest rates and are denominated in local currency but may, in some cases, facilitate borrowings in multiple currencies. As of March 31, 2025 we had additional capacity of U.S. dollar equivalent $56.2. Certain of our other debt facilities allow us to request bank guarantees and letters of credit. None of these facilities allow revolving credit borrowings. We have letters of credit and bank guarantees outside of our Credit Agreement that totaled U.S. dollar equivalent $261.3 and $173.8 as of March 31, 2025 and December 31, 2024, respectively. Fair Value Disclosures The following table summarizes the carrying values and fair values of our actively quoted debt instruments (1):
| March 31, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Term loans due March 2030 | $ | 1,519.7 |  |  | $ | 1,582.0 |  |  | $ | 1,517.4 |  |  | $ | 1,589.9 |
Senior secured notes due 2030 | 1,424.1 |  |  | 1,516.1 |  |  | 1,425.6 |  |  | 1,517.9 |
Senior unsecured notes due 2031 | 492.6 |  |  | 545.0 |  |  | 492.2 |  |  | 546.9 |
_______________ (1)The debt instruments noted above are actively quoted instruments and, accordingly, their fair values were determined using Level 1 inputs. The carrying amounts of borrowings outstanding on our senior secured revolving credit facility approximate fair value, as interest rates are variable and reflective of market rates (categorized as Level 2 of the fair value hierarchy).

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