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Debt | 6 Months Ended
--- | ---
Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt is comprised of the following:
|  | June 30, 2026 |  | December 31, 2025
10.625% senior secured notes due January 15, 2031 (Face value of $698.4 million and $700.0 million less unamortized issuance costs of $11.5 million and $12.8 million at June 30, 2026 and December 31, 2025, respectively)(i) |  | $ | 686.9 |  |  | $ | 687.2 |
Finance leases |  | 37.3 |  |  | 41.2 |
Other debt |  | 9.3 |  |  | 13.3 |
Total |  | 733.5 |  |  | 741.7 |
Less – current maturities |  | 11.6 |  |  | 12.7 |
Total long-term debt |  | $ | 721.9 |  |  | $ | 729.0 |
(i) See Note 10 for the fair value of the notes.
Senior Secured Notes due 2031 In June 2025, the company completed a private placement offering of $700.0 million aggregate principal amount of its 10.625% Senior Secured Notes due 2031 (the 2031 Notes). The 2031 Notes pay interest semiannually on January 15 and July 15, and will mature on January 15, 2031, unless earlier repurchased or redeemed by the company. The 2031 Notes are fully and unconditionally guaranteed on a senior secured basis by Unisys Holding Corporation, Unisys AP Investment Company I and Unisys NPL, Inc., each a Delaware corporation that is directly or indirectly wholly owned by the company (the Subsidiary Guarantors). During the six months ended June 30, 2026, the company repurchased $1.6 million of the 2031 Notes from the open market for $1.4 million. The company recorded a gain on debt extinguishment of $0.2 million, reported in other (expense), net. Interest expense related to the 2031 Notes is comprised of the following:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Contractual interest coupon |  | $ | 18.6 |  |  | $ | 0.8 |  |  | $ | 37.2 |  |  | $ | 0.8 |
Amortization of issuance costs |  | 0.7 |  |  | — |  |  | 1.3 |  |  | — |
Total |  | $ | 19.3 |  |  | $ | 0.8 |  |  | $ | 38.5 |  |  | $ | 0.8 |
Senior Secured Notes due 2027 In 2025, the company satisfied and discharged the indenture relating to the $485.0 million aggregate principal amount of the 6.875% Senior Secured Notes due November 1, 2027 (the 2027 Notes). The company paid an aggregate amount of $493.5 million, which was made up of the following: $485.0 million of principal amount, $3.0 million of early tender premium and $5.5 million of accrued but unpaid interest on the 2027 Notes to be redeemed to, but not including, the redemption date. In 2025, the company recorded a loss on debt extinguishment in relation to the satisfaction and discharge of the 2027 Notes of $7.0 million, reported in other (expense), net in the consolidated statements of income (loss), which included $4.0 million in unamortized debt issuance costs write-off and other expenses and an early tender premium of $3.0 million paid to repurchase a portion of the 2027 Notes. Interest expense related to the 2027 Notes was comprised of the following:
|  |  |  | Three Months Ended June 30, 2025 |  |  |  | Six Months Ended June 30, 2025
Contractual interest coupon |  |  |  | $ | 8.0 |  |  |  |  | $ | 16.3 |
Amortization of issuance costs |  |  |  | 0.3 |  |  |  |  | 0.6 |
Total |  |  |  | $ | 8.3 |  |  |  |  | $ | 16.9 |
Asset Based Lending (ABL) Credit Facility The company has a secured revolving credit facility (the Amended and Restated ABL Credit Facility), which matures in June 2030. The Amended and Restated ABL Credit Facility provides for revolving loans and letters of credit up to an aggregate amount of $125.0 million (with a limit on letters of credit of $40.0 million), with an uncommitted accordion feature allowing for the aggregate amount available to be increased up to $155.0 million upon the satisfaction of certain specified conditions. Availability under the Amended and Restated ABL Credit Facility is subject to a borrowing base calculated by reference to the company’s receivables. At June 30, 2026, the company had no borrowings and $6.1 million of letters of credit outstanding. Availability under the Amended and Restated ABL Credit Facility was $99.7 million, net of letters of credit issued. Any borrowings under the Amended and Restated ABL Credit Facility will be subject to variable interest rates. The Amended and Restated ABL Credit Facility is guaranteed by Unisys Holding Corporation, Unisys NPL, Inc. and Unisys AP Investment Company I, each of which is a U.S. corporation that is directly or indirectly owned by the company (the subsidiary guarantors) and any future material domestic subsidiaries. The facility is secured by the assets of the company and the subsidiary guarantors, other than certain excluded assets, under a security agreement entered into by the company and the subsidiary guarantors in favor of Bank of America, N.A., as agent for the lenders under the credit facility. At June 30, 2026, the company has met all covenants and conditions under its various lending and funding agreements. For at least the next 12 months, the company expects to continue to meet these covenants and conditions.

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