LINE to issue €700M senior unsecured notes for debt repayment

Rhea-AI Filing Summary

Lineage, Inc. reported that its indirect subsidiary Lineage Europe Finco B.V. has priced an offering of €700,000,000 aggregate principal amount of 4.125% senior unsecured notes due 2031 at 99.324% of principal. The notes will be fully and unconditionally guaranteed by Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC, and certain other subsidiaries that guarantee the company’s revolving credit and term loan agreement.

The notes will be sold only to qualified institutional buyers under Rule 144A in the United States and to non‑U.S. persons under Regulation S, and will not be registered under the Securities Act. Interest will be paid annually on November 26, starting in 2026, with settlement of the offering expected on November 26, 2025, subject to customary closing conditions. Lineage, Inc. intends to use the net proceeds primarily to repay borrowings under its revolving credit facility and for general corporate and working capital purposes.

Insights

Corporate credit & capital structure analyst

Lineage plans €700M of 4.125% notes to refinance revolver debt.

Lineage, Inc. is adding term debt via its indirect subsidiary through €700,000,000 of 4.125% senior unsecured notes due 2031, priced at 99.324% of principal. These notes will sit at the senior unsecured level of Lineage Europe Finco B.V. and benefit from full and unconditional guarantees by the parent and key operating subsidiaries that also support the revolving credit and term loan facilities.

The company states that it intends to use the net proceeds to repay amounts outstanding under its revolving credit facility and for other general corporate and working capital purposes. This points to a shift from short‑term, floating revolver borrowings toward longer‑dated, fixed‑rate capital, while keeping overall funding within the existing corporate group guarantee structure.

The offering is targeted only to qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S, with settlement expected on November 26, 2025 subject to customary closing conditions. Execution ultimately depends on market conditions and satisfaction of these conditions, and future disclosures could detail post‑closing debt balances and any changes in available revolver capacity.

8-K Event Classification

3 items: 7.01, 8.01, 9.01

3 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

November 19, 2025

Date of Report (date of earliest event reported)

___________________________________

Lineage, Inc.

(Exact name of registrant as specified in its charter)

___________________________________

Maryland (State or other jurisdiction of incorporation or organization)			001-42191 (Commission File Number)			82-1271188 (I.R.S. Employer Identification Number)
46500 Humboldt Drive Novi, Michigan 48377
(Address of principal executive offices and zip code)
(800) 678-7271
(Registrant's telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading Symbol			Name of each exchange on which registered
Common stock, par value $0.01 per share			LINE			Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 7.01 – Regulation FD Disclosure

On November 19, 2025, Lineage, Inc. (“the Company”) issued a press release announcing the pricing of the notes described under Item 8.01 below. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the company or the operating partnership under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.

Item 8.01 - Other Events

On November 19, 2025, Lineage Europe Finco B.V., an indirect subsidiary of the Company (“the Issuer”), priced an offering of €700,000,000 aggregate principal amount of 4.125% Senior Notes due 2031 (the “notes”) at a price of 99.324% of the principal amount. The notes will be senior unsecured obligations of the Issuer and will be fully and unconditionally guaranteed by the Company, Linage OP, LP, Lineage Logistics Holdings, LLC, and each other subsidiary of the Company (other than the Issuer and certain excluded subsidiaries) that guarantees or is otherwise obligated in respect of the Company’s revolving credit and term loan agreement.

The notes have not been and will not be registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the Securities Act. The notes will be offered only to “qualified institutional buyers” under Rule 144A of the Securities Act or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act.

Interest on the notes will be paid annually on November 26 of each year, commencing November 26, 2026. Settlement of the offering is expected to occur on November 26, 2025, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the notes to repay amounts outstanding from time to time under its revolving credit facility and for other general corporate and working capital purposes.

This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offering, solicitation or sale would be unlawful.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K contains certain “forward-looking” statements as that term is defined by Section 27A of the Securities Act and Section 21E of the Exchange Act . Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “could,” “should,” “would,” “seek,” “position,” “support,” “drive,” “enable,” “optimistic,” “target,” “opportunity,” “approximately.” “plan,” or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause the company’s actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: timing and consummation of the offering of the notes; the intended use of the net proceeds from the offering of the notes; risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the offering of the notes; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industries in which the Company operates, as detailed from time to time in each of the Company’s reports filed with the Securities and Exchange Commission. There can be no assurance that the proposed transactions will be consummated on the terms described herein or at all.

The risks included here are not exhaustive, and additional factors could adversely affect the Company’s business and financial performance. The Company discussed a number of additional material risks in its annual report on Form 10-K for the year ended December 31, 2024 and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to the Company’s performance and financial condition. Moreover, the Company operates in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company expressly disclaims any responsibility to update forward-looking statements, whether as a result of new information, future events, or otherwise.

Item 9.01 - Financial Statements and Exhibits

(d): The following exhibits are being filed herewith:

Exhibit No.						Description
99.1						Press Release of Lineage, Inc. dated November 19, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Lineage, Inc.
(Registrant)
November 19, 2025						/s/ Abigail Fleming
Date						(Signature)
						Abigail Fleming
						Chief Accounting Officer

FAQ

What did Lineage, Inc. (LINE) announce in this 8-K?

Lineage, Inc. disclosed that its indirect subsidiary Lineage Europe Finco B.V. has priced an offering of €700,000,000 aggregate principal amount of 4.125% senior unsecured notes due 2031, which will be guaranteed by the parent and certain subsidiaries.

What are the key terms of Lineage, Inc.'s new senior notes?

The notes have an aggregate principal amount of €700,000,000, carry a 4.125% interest rate, are senior unsecured obligations due in 2031, and were priced at 99.324% of their principal amount with interest payable annually on November 26, starting in 2026.

How does Lineage, Inc. plan to use the proceeds from the notes?

Lineage, Inc. intends to use the net proceeds from the notes to repay amounts outstanding from time to time under its revolving credit facility and for other general corporate and working capital purposes.

Who is guaranteeing the new notes issued by Lineage Europe Finco B.V.?

The notes will be fully and unconditionally guaranteed by Lineage, Inc., Lineage OP, LP, Lineage Logistics Holdings, LLC, and each other subsidiary of the company (other than the issuer and certain excluded subsidiaries) that guarantees or is otherwise obligated under the company’s revolving credit and term loan agreement.

Will the Lineage, Inc. notes be registered under the U.S. Securities Act?

No. The notes have not been and will not be registered under the Securities Act or state securities laws and may be offered only to qualified institutional buyers under Rule 144A or to non‑U.S. persons under Regulation S.

When is settlement of Lineage, Inc.'s note offering expected?

Settlement of the note offering is expected to occur on November 26, 2025, subject to the satisfaction of customary closing conditions.