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Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt consisted of the following:
 MaturityEffective Interest RateMarch 31,
2026		December 31,
2025
Convertible Senior Notes due 2027 ("2027 Convertible Notes")August 1, 20270.90%$633 $633 
Term Loan B due 2032 ("Term Loan")July 3, 20325.88%997 997 
6.750% Senior Notes due 2032 ("2032 Senior Notes")
August 15, 20326.90%1,650 1,650 
5.500% Senior Notes due 2033 ("2033 Euro Notes")
May 15, 20335.55%1,283 1,309 
Total debt principal

4,563 4,589 
Less: Unamortized capitalized financing fees(55)(58)
Plus: Unamortized premium14 15 
Total debt$4,522 $4,546 
Current portion of debt$10 $10 
Long-term debt4,512 4,536 
Total debt$4,522 $4,546 
The amortization of capitalized financing fees and accretion of debt premiums are included within “Interest expense” in the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense for capitalized financing fees, net of premium accretion, was $3 million for the three months ended March 31, 2026 and 2025.
Future principal payments
As of March 31, 2026, future principal payments associated with the Company’s debt were as follows:
2026$7 
2027643 
202810 
202910 
203010 
Thereafter3,883 
Total$4,563 
Credit Facilities
On January 5, 2026, Shift4 Payments, LLC (the “Borrower”) entered into an Amendment No. 3 to its Second Amended and Restated First Lien Credit Agreement, with Goldman Sachs Bank USA and the lenders party thereto. As a result of the Amendment No. 3, the applicable interest rate margin over the relevant benchmark rate on the Borrower’s term loans has been, (a) in the case of term loans that bear interest with reference to term SOFR, reduced from 2.50% per annum under the Credit Agreement to 2.00% per annum under the Amended Credit Agreement and (b) in the case of alternate base rate loans, reduced from between 1.50% per annum under the Credit Agreement to 1.00% per annum under the Amended Credit Agreement.
As of March 31, 2026, there were no borrowings outstanding under the Revolving Credit Facility, and borrowing capacity on the Revolving Credit Facility was $550 million.
Settlement Line Agreement
The Company has a Settlement Line Credit Agreement (the “Settlement Line Agreement”) with an aggregate available amount of $125 million. As of March 31, 2026, borrowings against the Settlement Line amounted to $100 million which have been deposited in an account owned and controlled by the Company’s sponsor bank. The deposit and borrowing have been netted on the Company’s unaudited Condensed Consolidated Balance Sheets because a right of offset exists and the parties intend to net settle.
Restrictions and Covenants
The 2027 Convertible Notes, 2032 Senior Notes, 2033 Euro Notes (collectively, the “Notes”) and Credit Facilities include certain restrictions on the ability of Shift4 Payments, LLC to make loans, advances, or pay dividends to Shift4 Payments, Inc.
As of March 31, 2026 and December 31, 2025, the Company was in compliance with all financial covenants under its debt agreements.