Knife River Corp
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
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13. Debt
Note 13 -Debt
Certain debt instruments of ours contain restrictive covenants and cross-default provisions. In order to borrow under the debt agreements, we must be in compliance with the applicable covenants and certain other conditions, all of which management believes we, as applicable, were in compliance with at September 30, 2026. In the event we do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued.
On May 15, 2026, we entered into a second amendment to our secured credit agreement, increasing our Term Loan B by an aggregate principal amount of $400.0 million and reducing the interest rate margin by 0.25%. After the second amendment, the aggregate principal amount of the Term Loan B outstanding was $895.0 million. Our Term Loan B has a Secured Overnight Financing Rate based interest rate and a mandatory annual amortization of $9.0 million.
Long-term Debt Outstanding Long-term debt outstanding was as follows:
| WeightedAverageInterestRate atSeptember 30, 2026 | September 30, 2026 | September 30, 2025 | December 31, 2025 | |
|---|---|---|---|---|
| (In thousands) | ||||
| Term loan A agreement due on March 7, 2030 | 6.08% | $254,763 | $261,379 | $259,725 |
| Term loan B agreement due on March 8, 2032 | 5.49% | 890,524 | 497,500 | 496,250 |
| Revolving credit agreement | 8.00% | — | 20,000 | — |
| Senior notes due on May 1, 2031 | 7.75% | 425,000 | 425,000 | 425,000 |
| Other notes due on January 1, 2061 | —% | 20 | 194 | 167 |
| Less unamortized debt issuance costs | 17,056 | 16,325 | 15,604 | |
| Total long-term debt | 1,553,251 | 1,187,748 | 1,165,538 | |
| Less current maturities | 18,876 | 11,780 | 11,708 | |
| Net long-term debt | $1,534,375 | $1,175,968 | $1,153,830 | |
Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs, at September 30, 2026, were as follows:
| Remainder of2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| Long-term debt maturities | $3,892 | $20,550 | $22,184 | $27,147 | $219,046 | $1,277,488 |
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