APH · 10-Q · 2026Q3 · Full report
Debt and Liquidity Position
AMPHENOL CORP /DE/ · 2026-10-30 · Importance 63 · Surprise 64 · No source text
Net cash provided by financing activities was $1,193.0 million in the first nine months of 2026, versus $346.0 million in 2025. 2026 financing included $4,927.2 million of net borrowing proceeds and $2,473.6 million of repayments of Senior Notes and other debt facilities; Amphenol also repaid the remaining $934.1 million outstanding under the 364-Day Delayed Draw Term Loan during the third quarter. The company issued €600 million of 3.375% notes due 2029, €500 million of 3.625% notes due 2031 and €500 million of 3.875% notes due 2034 during 2026, and used proceeds for debt repayment and general corporate purposes. At September 30, 2026, there were no borrowings under the $3,000 million revolving credit facility or outstanding U.S. or Euro commercial paper, and the company was in compliance with its credit facility and Senior Notes requirements.
Key facts
- On August 22, 2025, the Company entered into a three-year, $2,000.0 unsecured delayed draw term loan agreement and a 364-day, $2,000.0 unsecured delayed draw term loan agreement. source
- On November 13, 2025, the commitment amount for each Delayed Draw Term Loan was reduced to $1,534.1; on January 9, 2026, the Company drew the full $1,534.1 available under each to fund part of the CommScope acquisition consideration. source
- On May 11, 2026, the Company used cash on hand to repay $600.0 of the 364-Day Delayed Draw Term Loan, and during the three months ended September 30, 2026 repaid the remaining $934.1. source
- On November 10, 2025, the Company issued $500.0 of Floating Rate Senior Notes due 2027, $750.0 of 3.800% Senior Notes due 2027, $750.0 of 3.900% Senior Notes due 2028, and $1,000.0 of 4.125% Senior Notes due 2030. source
- On November 10, 2025, the Company also issued $1,250.0 of 4.400% Senior Notes due 2033, $1,600.0 of 4.625% Senior Notes due 2036, and $1,650.0 of 5.300% Senior Notes due 2055. source
- On May 12, 2026, the Company issued €600.0 (approximately $702.0) of unsecured 3.375% Senior Notes due 2029 and €500.0 (approximately $585.0) of unsecured 3.875% Senior Notes due 2034. source
- On March 30, 2026, the Euro Issuer issued €500.0 (approximately $586.7) of unsecured 3.625% Senior Notes due 2031. source
- In the first nine months of 2025, net cash proceeds from borrowings were $1,430.0, primarily related to issuance of the 2028 Senior Notes and 2032 Euro Notes, and stock option exercises generated $445.4. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +3.3% | On November 13, 2025, the commitment amount for each Delayed Draw Term Loan was reduced to $1,534.1; on January 9, 2026, the Company drew… |
| liability | negative | realized | -3.3% | On November 13, 2025, the commitment amount for each Delayed Draw Term Loan was reduced to $1,534.1; on January 9, 2026, the Company drew… |
| cash | negative | realized | -3.3% | On May 11, 2026, the Company used cash on hand to repay $600.0 of the 364-Day Delayed Draw Term Loan, and during the three months ended… |
| liability | positive | realized | +3.3% | On May 11, 2026, the Company used cash on hand to repay $600.0 of the 364-Day Delayed Draw Term Loan, and during the three months ended… |
| liability | negative | realized | -2.7% | On May 12, 2026, the Company issued €600.0 (approximately $702.0) of unsecured 3.375% Senior Notes due 2029 and €500.0 (approximately… |
| cash | positive | realized | +2.7% | On May 12, 2026, the Company issued €600.0 (approximately $702.0) of unsecured 3.375% Senior Notes due 2029 and €500.0 (approximately… |
| liability | negative | realized | -1.3% | On March 30, 2026, the Euro Issuer issued €500.0 (approximately $586.7) of unsecured 3.625% Senior Notes due 2031. |
| cash | positive | realized | +1.3% | On March 30, 2026, the Euro Issuer issued €500.0 (approximately $586.7) of unsecured 3.625% Senior Notes due 2031. |
| liability | negative | realized | — | The U.S. Commercial Paper Program permits maximum outstanding USCP Notes principal of $3,000.0 as of September 30, 2026; the Company… |
| cash | positive | realized | — | The U.S. Commercial Paper Program permits maximum outstanding USCP Notes principal of $3,000.0 as of September 30, 2026; the Company… |
| liability | positive | realized | — | The Company used proceeds from the May 12, 2026 Euro Notes to repay U.S. Commercial Paper Program and 364-Day Delayed Draw Term Loan… |
| cash | negative | realized | — | The Company used proceeds from the May 12, 2026 Euro Notes to repay U.S. Commercial Paper Program and 364-Day Delayed Draw Term Loan… |