# H.B. Fuller's undrawn $917 million bridge sits atop $2,054 million of debt

![H.B. Fuller's undrawn $917 million bridge sits atop $2,054 million of debt](https://aiswingx.com/static/covers/ful-fy26q3_cover.jpg?v=1790552546)

**Fiscal 2026 third-quarter 10-Q: the borrowing to pay for the acquisition is already committed and still undrawn, yet the cost of arranging it has gone through earnings**

H.B. Fuller (FUL) arranged bridge credit agreements of up to $3.0 billion for its pending acquisition of AMS. After the secured portion was terminated, $917.0 million of unsecured bridge remains, with nothing drawn as of August 29, 2026.

- 종목: FUL (H.B. Fuller Company)
- 분기: FY2026Q3 · 10-Q
- 작성: 2026-09-27 23:43 UTC · 업데이트: 2026-09-28 12:17 UTC
- 원문: https://aiswingx.com/p/ful-fy26q3

## 숫자 하나
Bridge commitments for the AMS acquisition began at up to $3.0 billion; after the secured portion was terminated, $917.0 million of unsecured bridge remains, with nothing drawn as of August 29, 2026. Non-current long-term debt is $2,054.547 million against total equity of $2,168.017 million. Nine-month operating cash flow of $182.629 million less capital expenditure of $141.653 million leaves free cash flow of $40.976 million.

## 비유 하나
(구독자 전용)

## 출처 하나
H.B. Fuller Company Form 10-Q (fiscal 2026 third quarter, filed 2026-09-24, accession 0001437749-26-031145): consolidated statements of income, consolidated balance sheets, consolidated statements of cash flows, Note 2 on acquisitions, Note 5 on intangible assets, Note 6 on long-term debt, Note 7 on pension and other postretirement benefits, Note 11 on financial instruments and fair value, Note 13 on commitments and contingencies, and the segment note. Quarterly and year-to-date figures cross-checked against SEC XBRL Company Facts.

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

H.B. Fuller (FUL) makes industrial adhesives and sealants in the United States. Its fiscal 2026 third quarter ended on August 29, 2026, and the 10-Q was filed on September 24, 2026.

The borrowing arranged for a pending acquisition, and two balance sheet figures on the same date.

| Item | August 29, 2026 |
|---|---|
| **Unsecured bridge commitment** | **$917.0 million** |
| Of which drawn | **$0** |
| Long-term debt, non-current | $2,054.547 million |
| Total equity | $2,168.017 million |
| **Long-term debt / total equity** | **94.8%** |

The $917.0 million bridge commitment is not yet on the balance sheet as a liability, because it is committed but undrawn. When the acquisition closes, the money will be drawn from it.

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## FAQ

**Q. What is a bridge facility?**

It is a short-term borrowing facility arranged in advance to pay for an acquisition. The committed amount, the drawn balance and the maturity terms are in the subscriber section.

**Q. What is being acquired?**

The company discloses the price per share, the implied enterprise value, the date of shareholder approval and the expected closing. All are in the subscriber section.

**Q. If nothing is drawn, is there no effect on earnings?**

No. Costs of arranging the facility and of repaying existing borrowings went through this quarter's income statement. The amount and where it sits are in the subscriber section.

**Q. How did working capital move?**

Both inventory and receivables grew faster than revenue. The growth rates and the ratios to quarterly revenue are tabulated in the subscriber section.

**Q. Where can I verify this directly?**

Open H.B. Fuller Company's fiscal 2026 third-quarter Form 10-Q (accession 0001437749-26-031145) on SEC EDGAR and read Note 2 on acquisitions, Note 6 on long-term debt, Note 11 on financial instruments, and Note 13 on commitments and contingencies.