SPGI · 10-Q · 2026Q2 · Full report

Interest Rate and Refinancing Exposure

S&P Global Inc. · 2026-07-28 · Importance 74 · Surprise 58

Total debt outstanding was $15.170 billion at June 30, 2026, including $2.572 billion of short-term debt and $12.598 billion of long-term debt, compared with $13.088 billion at December 31, 2025. S&P Global repaid its 4.0% senior notes in the first quarter of 2026, while Mobility Global issued senior notes due in 2029, 2031 and 2036 in connection with the separation. S&P Global retains a $2.0 billion commercial paper program supported by a $2.0 billion five-year credit facility terminating December 17, 2029.

Key facts

• S&P Global has the ability to borrow a total of $2.0 billion through its commercial paper program, which is supported by a $2.0 billion five-year credit agreement that will terminate on December 17, 2029.
• The only financial covenant in the credit facility is an indebtedness to cash flow ratio not greater than 4 to 1, which has never been exceeded.
• Interest expense, net was $87 million for the three months ended June 30, 2026 compared to $77 million for the three months ended June 30, 2025.
• Interest expense, net was $182 million for the six months ended June 30, 2026 compared to $154 million for the six months ended June 30, 2025.
• Weighted-average discount rate for operating leases was 4.21% as of June 30, 2026 and 4.25% as of December 31, 2025
• Under the credit facility, S&P Global currently pays a commitment fee of 7 basis points.