SWK · 10-Q · 2026Q4 · Full report

Outstanding Indebtedness

STANLEY BLACK & DECKER, INC. · 2026-11-04 · Importance 26 · Surprise 24

As of October 3, 2026, the company had $741.2 million of cash and cash equivalents, approximately 60% of which was held in foreign jurisdictions, and no commercial paper borrowings outstanding. In March 2026, it redeemed $500 million of 3.40% notes at maturity using commercial paper; in the second quarter, it used most of the CAM divestiture proceeds to repay commercial paper. The company reduced its commercial paper program from $3.5 billion to $3.0 billion in August 2026 and established a new five-year, $2.0 billion committed credit facility in June, with no borrowings outstanding. It also entered into a $1.0 billion syndicated 364-day revolving credit agreement in June 2026, which had not been drawn as of October 3, 2026; its senior unsecured debt ratings remained investment grade at S&P BBB+, Fitch BBB+, and Moody’s Baa3.

Key facts

• In June 2026, the Company replaced its existing $2.25 billion committed credit facility with a new five-year $2.0 billion committed credit facility. source
• The five-year credit agreement backs the Company's $3.0 billion U.S. Dollar and Euro commercial paper program. source
• In June 2026, the Company entered into a new $1.0 billion syndicated 364-day revolving credit agreement, with borrowings available in U.S. Dollars or Euros. source
• The 2026 syndicated 364-day credit agreement serves as part of the liquidity backstop for the Company's $3.0 billion U.S. Dollar and Euro commercial paper program. source
• In August 2026, the Company reduced its commercial paper program from $3.5 billion to $3.0 billion, including Euro-denominated and U.S. Dollar borrowings. source
• The five-year credit agreement allows borrowings in U.S. Dollars, Euros, or Pounds Sterling and includes a swing line sub-limit equal to the Euro equivalent of $800.0 million. source
• The credit agreements require an interest coverage ratio of at least 3.50 to 1.00 for each four-consecutive-fiscal-quarter period, with a reduced minimum of 2.50 to 1.00 for periods ending on or before the end of the second fiscal quarter of 2026. source
• In March 2026, the Company redeemed its $500 million 3.40% notes at maturity, funding the redemption through commercial paper issuance. source