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Debt | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes the carrying amount of our indebtedness (in thousands):
| March 31, 2025 |  | December 31, 2024
2026 Notes | $ | 1,000,000 |  |  | $ | 1,000,000 |
Unamortized - debt issuance costs | (3,177) |  |  | (3,747) |
2026 Notes, net | 996,823 |  |  | 996,253 |
2030 Notes | 1,000,000 |  |  | 1,000,000 |
Unamortized - debt issuance costs | (18,456) |  |  | (19,135) |
2030 Notes, net | 981,544 |  |  | 980,865 |
Secured Notes | 1,484,492 |  |  | 1,483,841 |
Term Loan (1) | 1,904,622 |  |  | 2,647,681 |
Total debt | 5,367,481 |  |  | 6,108,640 |
Less current portion | 31,000 |  |  | 31,000 |
Total long-term debt | $ | 5,336,481 |  |  | $ | 6,077,640 |
________________________ (1) In January 2025, we made a voluntary repayment on the Tranche B-2 Dollar Term Loan totaling $750.0 million. Exchangeable Senior Notes The Exchangeable Senior Notes were issued by Jazz Investments, or the Issuer, a 100%-owned finance subsidiary of Jazz Pharmaceuticals plc. The Exchangeable Senior Notes are senior unsecured obligations of the Issuer and are fully and unconditionally guaranteed on a senior unsecured basis by Jazz Pharmaceuticals plc. No subsidiary of Jazz Pharmaceuticals plc guaranteed the Exchangeable Senior Notes. Subject to certain local law restrictions on payment of dividends, among other things, and potential negative tax consequences, we are not aware of any significant restrictions on the ability of Jazz Pharmaceuticals plc to obtain funds from the Issuer or Jazz Pharmaceuticals plc’s other subsidiaries by dividend or loan, or any legal or economic restrictions on the ability of the Issuer or Jazz Pharmaceuticals plc’s other subsidiaries to transfer funds to Jazz Pharmaceuticals plc in the form of cash dividends, loans or advances. There is no assurance that in the future such restrictions will not be adopted. In September 2024, Jazz Investments completed a private placement of $1.0 billion principal amount of the 2030 Notes. The 2030 Notes are accounted for as a single liability measured at its amortized cost. The total liability is reflected net of issuance costs of $19.2 million which will be amortized over the term of the 2030 Notes. The effective interest rate of the 2030 Notes is 3.47%. During the three months ended March 31, 2025, we recognized interest expense of $8.5 million, of which $7.8 million related to the contractual coupon rate and $0.7 million related to the amortization of debt issuance costs. The total liability of the 2026 Notes is reflected net of issuance costs of $15.3 million which will be amortized over the term of the 2026 Notes. The effective interest rate of the 2026 Notes is 2.26%. During the three months ended March 31, 2025 and 2024, we recognized interest expense of $5.5 million, of which $5.0 million related to the contractual coupon rate and $0.5 million related to the amortization of debt issuance costs, respectively. On August 15, 2024, the maturity date for the 2024 Notes, we repaid the $575.0 million aggregate principal amount, plus accrued and unpaid interest thereon. The effective interest rate of the 2024 Notes was 1.79%. During the three months ended March 31, 2024 we recognized interest expense of $2.5 million, of which $2.1 million related to the contractual coupon rate and $0.4 million related to the amortization of debt issuance costs, respectively. Maturities Scheduled maturities with respect to our long-term debt principal balances outstanding as of March 31, 2025 were as follows (in thousands):
Year Ending December 31, | Scheduled Long-Term Debt Maturities
2025 (remainder) | $ | 23,250 |
2026 | 1,031,000 |
2027 | 31,000 |
2028 | 1,848,500 |
2029 | 1,500,000 |
Thereafter | 1,000,000 |
Total | $ | 5,433,750 |

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