Arcos Dorados Holdings Inc.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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Dec 31, 2025 · Filed Mar 19, 2026
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2027 Notes
In April 2017, the Company issued Senior Notes for an aggregate principal amount of $265 million, which were due in 2027 (the “2027 Notes”). The proceeds from this issuance of the 2027 Notes were used to repay certain loans signed by the Company’s Brazilian subsidiary, unwind the related derivative instruments, pay the principal and premium on the 2023 Notes and for general purposes. In addition, on September 11, 2020, the Company issued additional 2027 Notes for an aggregate principal amount of $150 million at a price of 102.250%. The proceeds from the second issuance were used mainly to repay short-term indebtedness which had been drawn during 2020 in order to maintain liquidity affected by the effects of COVID-19. Periodic payments of principal are not required, and interest is paid semi-annually commencing on October 4, 2017. The Company capitalized as DFC $3,001 of financing costs related to the first issuance of 2027 Notes and $2,000 related to the second issuance.
On January 29, 2025, the Company repurchased 35.27% of the outstanding principal of 2027 Notes for a total amount of $136,145 plus accrued and unpaid interest. Additionally, on April 4, 2025, the Company redeemed all remaining outstanding 2027 Notes at a redemption price of 100%, which represented a total amount of $243,120 plus accrued and unpaid interest.
The following table summarizes the activity of 2027 Notes as of December 31, 2025:
| Transaction | Date | Principal Amount | Average Price | Early Redemption Price | Total payment (i) |
|---|---|---|---|---|---|
| Issuance | April 4, 2017 | $265,000 | — | — | $— |
| Additional issuance | September 11, 2020 | $150,000 | — | — | $— |
| Additional issuance of 2027 Notes related to 2023 exchange | October 13, 2020 | $138,354 | — | — | $— |
| Open market repurchases | During 2021 | $(17,368) | 105.74% | — | $(18.364) |
| Cash Tender | May 13, 2022 | $(150,000) | 99.94% | 103.00% | $(154,407) |
| Open market repurchases | During 2022 | $(4,721) | 98.01% | — | $(4,627) |
| Open market repurchases | During 2023 | $(2,000) | 95.20% | — | $(1,904) |
| Cash Tender | January 29, 2025 | $(136,145) | 100.00% | 100.00% | $(136,145) |
| Optional full redemption | April 4, 2025 | $(243,120) | 100.00% | — | $(243,120) |
| Principal amount of 2027 Notes as of December 31, 2025: | $— | ||||
(i) Not including accrued and unpaid interest
The results related to the aforementioned transactions and the accelerated amortization of the related DFC were recognized as net interest expense and other financing results within the consolidated statements of income.
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