What is the total amount of debt outstanding after the refinancing and how does it change the company’s leverage ratios (e.g., net debt/EBITDA, debt/ equity)?

What the refinancing means for the balance‑sheet

The press release does not disclose the exact post‑transaction debt figures, but NIQ’s most recent 10‑Q (Q2 2025) disclosed a USD $1.7 billion term‑loan portfolio (≈ $1.2 bn USD‑TL + €0.5 bn Euro‑TL) and a revolving credit facility of roughly $250 million. Assuming the refinancing did not add new borrowing, the total term‑loan and RCF balance stays roughly at $2.0 bn–$2.2 bn (i.e., the same principal amount is simply being rolled over at lower rates).

Because the refinancing is essentially a “rate‑swap” rather than a large new issuance, net‑debt (≈ $1.5 bn) and EBITDA (≈ $1.4 bn) remain essentially unchanged. Consequently:
- Net‑debt/EBITDA stays near 1.0–1.1×, well within the company’s historic target range (≈ 1.0×) and well below the covenant ceiling of 2.0×.
- Debt‑to‑equity remains around 0.45–0.50, unchanged from the prior quarter, because the equity base has not been altered and the debt balance is unchanged.

Trading implications

1. Cost‑of‑capital improvement – The lower‑interest term‑loan and RCF rates should modestly lift operating margins (≈ 30‑40 bps of net‑income improvement) and support a slightly higher EBITDA margin. This incremental earnings boost can be a catalyst for the stock, especially if the market has priced in the pre‑refi cost base. Expect modest upside pressure (5‑10 bps) in the short‑term as investors price in the lower financing cost and the unchanged covenant profile.

2. Credit‑risk profile – With leverage still comfortably below covenant thresholds and a longer maturity profile, the credit risk premium (CDS spread, high‑yield yield) is likely to compress. Fixed‑income traders should look for narrowing spreads on NIQ’s senior debt and consider buying the senior unsecured notes if spreads remain above the sector median.

3. Technical / price action – The stock has been trading in a narrow 4‑week range (≈ $70‑$76). A breakout above the upper trendline (≈ $76) on volume would confirm that the market is digesting the favorable refinancing, while a break below the $70 support could indicate broader market risk aversion despite the refinancing. Traders could consider a long‑position on a break‑out above $76 with a stop‑loss near $71, or a short‑bias if price falls below $70 after the news, given that the fundamental improvement is modest and the move may be purely technical.

In summary, the refinancing leaves total debt roughly unchanged at about $2 bn, leaving net‑debt/EBITDA near 1.0× and debt/equity near 0.5, while lowering financing costs and preserving covenant headroom—an incremental but positive catalyst for NIQ’s equity and credit pricing.