TRU · 10-Q · 2026Q1 · Full report

Outstanding Indebtedness and Hedges

TransUnion · 2026-04-28 · Importance 76 · Surprise 24

As of the trailing twelve months ended March 31, 2026, total debt reported was $5,607.4 million and net debt was $4,874.9 million, producing a leverage ratio (net debt / Leverage Ratio Adjusted EBITDA) of 2.8. TransUnion has multiple interest-rate swap agreements: 2025 swaps with a current aggregate notional of $1,232.1 million (fixed pay rates between 3.2893% and 3.6920%), 2024 swaps with $1,078.5 million notional (fixed pay rates 3.0650%–3.9925%), and 2021 swaps with $1,532.0 million notional (fixed pay rates 1.3800%–1.3915%); all are designated as cash flow hedges. The Senior Secured Revolving Credit Facility capacity was increased to $1.0 billion by Amendment No. 25 on February 11, 2026, and the company remains in compliance with all debt covenants as of March 31, 2026. The filing also notes incremental borrowing mechanics tied to senior secured net leverage ratio tests (e.g., cannot exceed 4.25-to-1 for certain incremental loans and 5.5-to-1 for covenant testing).

Key facts

• During the second quarter of 2025 TransUnion entered into interest rate swap agreements that commenced June 30, 2025 and expire December 31, 2027 with an aggregate current notional amount of $1,232.1 million that amortizes each quarter.
• On February 11, 2026 TransUnion executed Amendment No. 25 to the Senior Secured Credit Facility, increasing borrowing capacity under the Senior Secured Revolving Credit Facility to $1.0 billion while all other key terms remained unchanged.
• The interest rate swaps require TransUnion to pay fixed rates varying between 3.2893% and 3.6920% in exchange for receiving a variable rate matching the variable rate on its loans, and TransUnion designated these swap agreements as cash flow hedges.
• In 2025, TransUnion entered into interest rate swap agreements commencing on June 30, 2025 and expiring on December 31, 2027 with a current aggregate notional amount of $1,232.1 million that amortizes each quarter
• In 2024, TransUnion entered into interest rate swap agreements commencing on December 31, 2024 and expiring on December 31, 2027 with a current aggregate notional amount of $1,078.5 million that amortizes each quarter
• In 2021, TransUnion entered into interest rate swap agreements commencing on December 31, 2021 and expiring on December 31, 2026 with a current aggregate notional amount of $1,532.0 million that amortizes each quarter
• TransUnion may request incremental loans under the Senior Secured Credit Facility up to the greater of an additional $1,000.0 million and 100% of Consolidated EBITDA
• On February 11, 2026, TransUnion executed Amendment No. 25 to the Senior Secured Credit Facility increasing borrowing capacity under the Senior Secured Revolving Credit Facility to $1.0 billion

Impact estimates