Long-term debt

12 Months Ended

Dec. 31, 2024

Long-term debt consists of the following at year-end:


	2024		2023
2029 Notes	$	334,200	$	334,200
2027 Notes	379,265		379,265



Finance lease obligations	9,087		8,498
Other long-term borrowings	2,791		1,700
Subtotal	725,343		723,663
Discount on 2029 Notes	(3,294)		(4,059)
Discount on 2027 Notes	(1,753)		(2,571)

Premium on 2029 Notes	308		382
Premium on 2027 Notes	783		1,141


Deferred financing costs	(2,789)		(3,715)
Total	718,598		714,841
Current portion of long-term debt	2,624		1,803
Long-term debt, excluding current portion	$	715,974	$	713,038

2029 and 2027 Notes

The following table presents additional information related to the 2029 and 2027 Notes (the “Notes”):


				Principal as of December 31,
	Annual interest rate		Currency	2024		2023		Maturity
2029 Notes	6.125	%	USD	$	334,200	$	334,200	May 27, 2029
2027 Notes	5.875	%	USD	379,265		379,265		April 4, 2027

The following table presents additional information for the fiscal years ended December 31, 2024, 2023 and 2022:


	Interest Expense (i)						DFC Amortization (i)						Amortization of Premium/Discount, net (i)
	2024		2023		2022		2024		2023		2022		2024		2023		2022
2029 Notes	$	20,469	$	20,511	$	14,299	$	469	$	527	$	342	$	691	$	695	$	715
2027 Notes	22,282		22,218		25,538		457		466		759		460		478		785

(i)These charges are included within “Net interest expense and other financing results” in the consolidated statements of income.

On April 2017, the Company issued Senior Notes for an aggregate principal amount of $265 million, which are due in 2027 (the “2027 Notes”). The proceeds from this issuance of the 2027 Notes were used to repay certain loans (the “Secured Loan Agreement”) signed by the Company’s Brazilian subsidiary, unwind the related derivative instruments, pay the principal and premium on the 2023 Notes (in connection with the aforementioned second tender offer) and for general purposes. In addition, on September 11, 2020, the Company issued additional 2027 Notes for an aggregate principal amount of $150 million at a price of 102.250%. The proceeds from the second issuance were used mainly to repay short-term indebtedness which had been drawn during 2020 in order to maintain liquidity affected by the effects of COVID-19. Periodic payments of principal are not required, and interest is paid semi-annually commencing on October 4, 2017. The Company capitalized as DFC $3,001 of financing costs related to the first issuance of 2027 Notes and $2,000 related to the second issuance, which are being amortized over the life of the notes.

The following table summarizes the activity of 2027 Notes as of December 31, 2024:


Transaction	Date	Principal Amount		Average Price		Early Redemption Price		Total payment (i)
Issuance	April 4, 2017	$	265,000	—		—		$	—
Additional issuance	September 11, 2020	$	150,000	—		—		$	—
Additional issuance of 2027 Notes related to 2023 exchange	October 13, 2020	$	138,354	—		—		$	—
Open market repurchases	During 2021	$	(17,368)	105.74	%	—		$	(18,364)
Cash Tender	May 13, 2022	$	(150,000)	99.94	%	103.00	%	$	(154,407)
Open market repurchases	During 2022	$	(4,721)	98.01	%	—		$	(4,627)
Open market repurchases	During 2023	$	(2,000)	95.20	%	—		$	(1,904)
Principal amount of 2027 Notes as of December 31, 2024:		$	379,265

(i) Not including accrued and unpaid interest

The results related to the aforementioned transactions and the accelerated amortization of the related DFC were recognized as net interest expense and other financing results within the consolidated statement of income.

On April, 2022, the Company’s subsidiary ADBV issued sustainability-linked Senior Notes for an aggregate principal amount of $350 million which matures in 2029 (the “2029 Notes”). Interests on the notes are accrued at a rate of 6.125% per annum from April 27, 2022 and, from and including May 27, 2026, the interest rate payable on the 2029 Notes may increase to 6.250% per annum or 6.375% per annum if either or both Sustainability Performance Targets (SPT), respectively, have not been satisfied by December 31, 2025. The SPT to be satisfied are:

(i) Reductions of greenhouse gas emissions by 15% in restaurants and offices.

(ii) Reductions of greenhouse gas emissions by 10% in supply chain.

Periodic payments of principal are not required and interest is paid semi-annually commencing on November 27, 2022. The 2029 Notes are guaranteed on a senior unsecured basis by the Company and certain of its subsidiaries. The proceeds from 2029 Notes were mainly used by the Company to fund the tender offers for 2023 and 2027 Notes and the redemption for 2023 Notes launched during 2022 previously mentioned. The Company capitalized as DFC $2,651 of financing costs related to the issuance of 2029 Notes, which are being amortized over the life of the notes.

The following table summarizes the activity of 2029 Notes as of December 31, 2024:


Transaction	Date	Principal Amount		Average Price		Total payment (i)
Issuance	April 27, 2022	$	350,000	—		$	—
Open market repurchases	During 2022	$	(12,800)	93.87	%	$	(12,015)
Open market repurchases	During 2023	$	(3,000)	93.76	%	$	(2,813)
Principal amount of 2029 Notes as of December 31, 2024:		$	334,200

(i) Not including accrued and unpaid interest

The Notes are redeemable, in whole or in part, at the option of the Company at any time at the applicable redemption price set forth in the indenture governing them. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of the Company’s subsidiaries. The Notes and guarantees (i) are senior unsecured obligations and rank equal in right of payment with all of the Company’s and guarantors’ existing and future senior unsecured indebtedness; (ii) will be effectively junior to all of the Company’s and guarantors’ existing and future secured indebtedness to the extent of the value of the Company’s assets securing that indebtedness; and (iii) are structurally subordinated to all obligations of the Company’s subsidiaries that are not guarantors.

The indenture governing the Notes limits the Company’s and its subsidiaries’ ability to, among other things, (i) create certain liens; (ii) enter into sale and lease-back transactions; and (iii) consolidate, merge or transfer assets. In addition, the indenture governing the 2027 and 2029 Notes, limits the Company’s and its subsidiaries’ ability to: incur in additional indebtedness and make certain restricted payments, including dividends. These covenants are subject to important qualifications and exceptions. The indenture governing the Notes also provides for events of default, which, if any of them occur, would permit or require the principal, premium, if any, and interest on all of the then-outstanding Notes to be due and payable immediately.

The 2029 Notes are listed on the Luxembourg Stock Exchange and trade on the Euro MTF Market.

On January 29, 2025 as a result of the offer made by the Company on January 15, 2025 to purchase for cash any and all of its outstanding 5.875% Notes due 2027 and the subsequent issue by ADBV (the “Issuer”) on January 24, 2025 of a new Senior Note for an aggregate principal amount of $600,000 which matures in 2032 (the “2032 Notes”), the Company redeemed 35.27% of its outstanding 2027 Notes for a total amount of $136,145 plus accrued and unpaid interest. See Note 26 for further information.

Other required disclosure

As of December 31, 2024, future payments related to the Company’s long-term debt are as follows:


	Principal		Interest		Total
2025	$	2,624	$	43,491	$	46,115
2026	758		43,424		44,182
2027	380,083		32,224		412,307
2028	886		21,018		21,904
2029	335,144		10,672		345,816
Thereafter	5,848		760		6,608
Total payments	725,343		151,589		876,932
Interest	—		(151,589)		(151,589)
Discount on 2029 Notes	(3,294)		—		(3,294)
Discount on 2027 Notes	(1,753)		—		(1,753)
Premium on 2029 Notes	308		—		308
Premium on 2027 Notes	783		—		783

Deferred financing cost	(2,789)		—		(2,789)
Long-term debt	$	718,598	$	—	$	718,598