Notes Payable and Long-Term Debt

12 Months Ended

Dec. 31, 2024

6. NOTES PAYABLE AND LONG-TERM DEBT

The principal components of long-term debt are as follows (in millions):


	December 31, 2024		December 31, 2023
3.3%, Senior Notes due 2027	$	400.0	$	400.0
3.7%, Senior Notes due 2032	800.0		800.0
Less unamortized discounts and debt issuance costs	(8.8)		(10.5)
Long-term debt less unamortized discounts and debt issuance costs	1,191.2		1,189.5
Finance leases and other debt	10.4		10.1
Less current maturities	(1.2)		(0.5)
Long-term debt	$	1,200.4	$	1,199.1

Under domestic and international lines of credit, standby letters of credit and guarantee arrangements, we had $207.1 million available for borrowing and usage as of December 31, 2024, which was reduced by $15.5 million that was utilized for standby letters of credit and guarantee arrangements issued by our banks to support our obligations.

Senior Notes due 2027 and 2032

In March 2022, pursuant to an indenture we issued $400.0 million in principal amount of Senior Notes due March 2027 (the “2027 Notes”) and $800.0 million in principal amount of Senior Notes due March 2032 (the “2032 Notes” and, together with the 2027 Notes, the “Notes”). The issuance of the 2027 Notes yielded net cash proceeds of $395.7 million at an effective rate of 3.53% and the issuance of the 2032 Notes yielded net cash proceeds of $790.5 million at an effective rate of 3.84%. The 2027 Notes and the 2032 Notes pay a fixed rate of interest of 3.3% and 3.7% per annum, respectively. Interest on the Notes is payable semiannually in arrears on March 15 and September 15 of each year until the principal is paid or made available for payment. We have the option to redeem the Notes at any time, in whole or in part, at a redemption price calculated in accordance with the indenture, plus accrued and unpaid interest thereon to the redemption date. In the event of a change of control, the holders may require us to repurchase for cash all or a portion of their notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. Our obligations under the Notes are unsecured senior obligations that rank equally in right of payment with all of our other existing and future unsecured, unsubordinated debt. The Notes include covenants that limit our ability to, among other things, (i) grant specified liens, (ii) engage in specified sale and leaseback transactions, (iii) consolidate or merge with or into other companies or (iv) sell all or substantially all of our assets. We were in compliance with these covenants as of December 31, 2024.

Credit Agreement

In February 2024, we entered into a new $200.0 million unsecured revolving credit agreement ("Revolving Credit Agreement") with a group of financial institutions. The Revolving Credit Agreement replaced the Company's previous credit agreement, dated as of April 15, 2019. Borrowings under the Revolving Credit Agreement are on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. The Revolving Credit Agreement requires Bio-Rad to comply with certain financial ratios and other customary covenants and provisions. We were in compliance with these covenants as of December 31, 2024. The Revolving Credit Agreement matures in February 2029. As of December 31, 2024, no borrowings were outstanding under the Revolving Credit Agreement; however, $5.7 million was utilized for domestic standby letters of credit that reduced our borrowing availability as of December 31, 2024. If we had borrowed against our Revolving Credit Agreement, the borrowing rate would have been 5.68% at December 31, 2024, which is based on the 3-month Secured Overnight Financing Rate ("SOFR").

Maturities of finance leases and other debt at December 31, 2024 were as follows (in millions):


2025	$	1.2
2026	0.5
2027	400.5
2028	0.5
2029	0.6
2030 and thereafter	807.1
Total maturities of finance leases and other debt	$	1,210.4