Credit / debt-market positioning — Coherent Corp.
See Balance sheet for the canonical capital-structure detail with primary-source citations. This page summarizes the credit-market posture from a market-data perspective.
Capital-structure snapshot
The July 2022 Coherent Inc. acquisition was financed with substantial debt + private and public preferred placements + new common-stock issuance. Through FY2023–FY2026 management has been on a steady deleveraging path. The March 2026 NVIDIA $2B common-stock injection materially de-risked the balance sheet entering the AI-photonics capex envelope.
| Instrument | Outstanding (approx) | Notes |
|---|---|---|
| Term loan B | per most recent 10-Q | First-lien, secured |
| Senior secured notes | per most recent 10-Q | Various tenors |
| Series B Convertible Preferred (private) | up to $2.0B face | Bain Capital alone (BCPE Watson SPV); optional conversion at $85.00; 5.00% PIK through year four; dividends fully waived November 20, 2025 |
| Series A 6.00% Mandatory Convertible Preferred (public) | $0 | $575M issued at 2022 Coherent Inc. closing; matured / converted July 1, 2023 |
| NVDA common-stock placement | $2.0B (Mar 2 2026) | 7,788,161 shares × $256.80; immediate dilution / voting on day one |
Credit ratings and trajectory
Verify current ratings via the Moody’s / S&P / Fitch issuer-rating actions feeds — Coherent’s ratings have been on a deleveraging-driven upgrade trajectory since FY2024, with the March 2026 NVDA common-stock injection providing additional support.
Cross-references
- Balance sheet — canonical capital structure with primary-source citations
- Coherent Inc. integration — 2022 acquisition financing detail
- NVIDIA partnership — Mar 2 2026 $2B common-stock placement terms
- Stock price history — equity-market trajectory through the deleveraging cycle