Lineage, Inc. (NASDAQ: LINE) has announced a private placement of euro‑denominated senior notes through its European subsidiary, Lineage Europe Finco B.V. The notes are senior unsecured obligations fully guaranteed by Lineage’s parent company and related entities, including Lineage OP, LP and Lineage Logistics Holdings, LLC. The offering is limited to qualified institutional buyers under Rule 144A and will not be registered under the U.S. Securities Act.
The company has not disclosed the size, coupon or maturity of the notes. In June 2025 Lineage priced a $500 million senior note due 2030, also aimed at repaying its revolving credit facility and funding general corporate purposes. The new offering is therefore a continuation of the firm’s debt‑management strategy.
Lineage’s balance sheet has been under pressure. As of the latest filing, total debt stands at $8.25 billion with a debt‑to‑equity ratio of 0.98 and a current ratio of 0.99. The company has not been profitable over the past 12 months, reporting $5.36 billion in revenue but incurring losses. The euro‑denominated notes will be used to repay amounts outstanding under the revolving credit facility and to support working‑capital needs, thereby reducing leverage and improving liquidity.
The financing move is intended to strengthen Lineage’s capital structure, but the company remains highly leveraged and faces margin compression. Analysts have lowered price targets in light of a negative net margin and a distress‑level Altman Z‑Score, reflecting concerns about the firm’s ability to service its debt amid a competitive cold‑storage market.
The offering underscores Lineage’s focus on debt management in a sector that is still experiencing growth from e‑commerce and perishable‑goods demand. Investors will likely monitor the company’s ability to turn around profitability while maintaining a sustainable debt profile.
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