COR · 10-Q · 2026Q2 · Full report
Outstanding Indebtedness
Cencora, Inc. · 2026-08-05 · Importance 89 · Surprise 82 · No source text
Total debt was $11.7 billion as of June 30, 2026, consisting of $10.1 billion of fixed-rate debt and $1.6 billion of variable-rate debt. Cencora issued $3.0 billion of senior notes and borrowed $1.5 billion of variable-rate term loans in February 2026 to finance the OneOncology acquisition. Net interest expense increased 65.4% year over year to $353.6 million in the nine-month period, driven by the new acquisition financing and lower interest income. Debt facilities provided $8.7 billion of additional availability at June 30, 2026, including $5.5 billion under the multi-currency revolving facility.
Key facts
- The increase in interest expense was primarily due to the issuance of $3.0 billion of senior notes and $1.5 billion of variable-rate term loans in February 2026 borrowed to finance a portion of the OneOncology acquisition. source
- We issued senior notes in February 2026 with principal amounts totaling $3.0 billion (500,000 2029; 500,000 2030; 500,000 2033; 1,000,000 2036; 500,000 2056). source
- In January 2026 we obtained a $1.5 billion delayed draw multi-year senior unsecured term loan facility and in February 2026 borrowed $500 million (2028 Term Loan) and $1.0 billion (2029 Term Loan); we repaid $200.0 million in March 2026 and $300.0 million in April 2026 of the 2028 Term Loan. source
- In February 2026 we borrowed $3.0 billion under a 364-Day Term Loan Facility to finance a portion of the OneOncology acquisition and repaid that facility in February 2026 with the issuance of senior notes. source
- In the three months ended June 30, 2026, we elected to make principal payments of $400 million on the term loan due in 2027 that was originally borrowed to finance a portion of the RCA acquisition and in July 2026 we elected to make a principal payment of $400 million to repay this term loan in full. source
- Total fixed-rate debt outstanding as of June 30, 2026 was $10,074,214 thousand and total variable-rate debt outstanding was $1,649,027 thousand, for total debt of $11,723,241 thousand. source
- Payments due by period for debt including interest payments were $806,957 thousand within 1 year, $4,794,983 thousand in 1-3 years, $3,351,178 thousand in 4-5 years, and $6,708,200 thousand after 5 years; total debt including interest payments was $15,661,318 thousand as of June 30, 2026. source
- OneOncology has promissory notes outstanding with physician practices totaling OneOncology physician notes outstanding balance of $365,163 thousand as of June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -18.7% | Payments due by period for debt including interest payments were $806,957 thousand within 1 year, $4,794,983 thousand in 1-3 years,… |
| liability | negative | realized | -3.6% | We issued senior notes in February 2026 with principal amounts totaling $3.0 billion (500,000 2029; 500,000 2030; 500,000 2033; 1,000,000… |
| liability | negative | realized | -1.2% | In January 2026 we obtained a $1.5 billion delayed draw multi-year senior unsecured term loan facility and in February 2026 borrowed $500… |
| liability | positive | realized | +0.5% | In the three months ended June 30, 2026, we elected to make principal payments of $400 million on the term loan due in 2027 that was… |
| net_income | negative | realized | — | The increase in interest expense was primarily due to the issuance of $3.0 billion of senior notes and $1.5 billion of variable-rate term… |