APH · 10-Q · 2026Q2 · Full report
Debt and Liquidity Position
AMPHENOL CORP /DE/ · 2026-07-31 · Importance 64 · Surprise 42 · No source text
Net cash proceeds from borrowings were $4,927.2 million during the first six months of 2026, primarily from the Delayed Draw Term Loans and the 2029, 2031 and 2034 Euro Notes, while debt repayments totaled $1,535.7 million. Amphenol drew $1,534.1 million under each Delayed Draw Term Loan on January 9, 2026 to fund part of the CommScope consideration, then repaid $600.0 million under the 364-Day facility on May 11 and an additional $534.1 million in July. As of issuance of the financial statements, the 364-Day Delayed Draw Term Loan carried $400.0 million, and the Revolving Credit Facility had no borrowings against its $3,000.0 million capacity. The Company issued €1,100.0 million of Euro Notes in 2026, comprising €600.0 million of 2029 Euro Notes and €500.0 million of 2034 Euro Notes, and remained in compliance with its credit-facility and Senior Note covenants.
Key facts
- On August 22, 2025, the Company entered into a three-year, $2,000.0 unsecured delayed draw term loan credit agreement (the Three-Year Delayed Draw Term Loan) and a 364-day, $2,000.0 unsecured delayed draw term loan credit agreement (the 364-Day Delayed Draw Term Loan) source
- As of June 30, 2026 and December 31, 2025, the Company had cash, cash equivalents and short-term investments of $5,419.1 and $11,434.2, respectively. source
- Net cash provided by financing activities was $2,585.2 for the six months ended June 30, 2026 compared to $612.3 for the six months ended June 30, 2025. source
- Net decrease in cash and cash equivalents was $(6,401.2) for the six months ended June 30, 2026 compared to $(110.0) for the six months ended June 30, 2025. source
- On November 13, 2025, the aggregate commitment amount in respect of each of the Delayed Draw Term Loans was individually reduced to $1,534.1 source
- On July 2, 2026 and on July 27, 2026, the Company used cash on hand to repay $300.0 and $234.1, respectively, of the outstanding balance under the 364-Day Delayed Draw Term Loan; as of the date the condensed consolidated financial statements were issued, the carrying amount of the 364-Day Delayed Draw Term Loan was $400.0. source
- The Commercial Paper Programs are rated A-2 by Standard & Poor’s and P-2 by Moody’s and are currently backstopped by the Revolving Credit Facility source
- The Company reviews its optimal mix of short-term and long-term debt regularly and may replace certain amounts of Commercial Paper, short-term debt and current maturities of long-term debt with new issuances of long-term debt in the future source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -14.0% | Net decrease in cash and cash equivalents was $(6,401.2) for the six months ended June 30, 2026 compared to $(110.0) for the six months… |
| cash | positive | realized | +11.0% | Net cash proceeds from borrowings of $4,927.2 in the first six months of 2026, primarily related to the Delayed Draw Term Loans and… |
| liability | negative | realized | -11.0% | Net cash proceeds from borrowings of $4,927.2 in the first six months of 2026, primarily related to the Delayed Draw Term Loans and… |
| cash | positive | realized | +4.4% | Net cash provided by financing activities was $2,585.2 for the six months ended June 30, 2026 compared to $612.3 for the six months ended… |
| liability | positive | committed | +1.0% | On July 2, 2026 and on July 27, 2026, the Company used cash on hand to repay $300.0 and $234.1, respectively, of the outstanding balance… |
| cash | negative | committed | -1.0% | On July 2, 2026 and on July 27, 2026, the Company used cash on hand to repay $300.0 and $234.1, respectively, of the outstanding balance… |