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Long-Term Debt

12 Months Ended

Dec. 31, 2023

(11)

Long-Term Debt

Long-term debt consists of the following:

	December 31,
	2023		2022
$55.3 million payable in 48 equal monthly installments of $1.1 million beginning in December 2022, bearing interest at one-month Euribor plus 0.825%	$	40,334	$	52,061
$132.6 million payable in 120 equal monthly installments of $1.1 million beginning in April 2021, bearing interest at one-month Euribor plus 0.75%		95,576		104,758
$15.0 million payable in 14 equal annual installments of $1.1 million beginning in January 2020 including interest imputed at 4.1% per annum		9,172		9,890
$17 million payable in 10 equal annual installments of $1.7 million beginning in October 2021 including interest imputed at 2.0% per annum		12,402		13,332
		157,484		180,041
Less current maturities		29,587		28,547
Total	$	127,897	$	151,494

In December 2022, to finance Interparfums SA’s acquisition of the Lacoste trademark, the Company entered into a $55.3 million (€50 million) four-year loan agreement. The loan agreement bears interest at EURIBOR-1-month rates plus a margin of 0.825%. This variable rate debt was swapped for variable interest rate debt with a maximum rate of 2% per annum. The swap is a derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

In April 2021, to finance the acquisition of Interparfums SA’s corporate headquarters, the Company entered into a $132.6 million (€120 million) ten-year credit agreement. Approximately $88.4 million (€80.0 million) of the variable rate debt was swapped for variable interest rate debt with maximum rate of 2% per annum. The swap is a derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

Maturities of long-term debt subsequent to December 31, 2023 are approximately $29.6 million in 2024, $29.8 million in 2025, $28.6 million in 2026, $15.9 million in 2027, $15.9 million in 2028, and $37.7 million thereafter through 2033.