Gross Debt
Short definition
Gross debt is the stock of financial debt before subtracting cash. It is drawn principal; undrawn commitments are not gross debt — they are liquidity headroom.
Detailed explanation
Scope follows the facility and GAAP: bank debt, bonds, leases, with-recourse factoring, derivative notionals. An undrawn RCF is not gross debt.
FX inflates the local-currency gross of foreign-currency debt; that is not a new draw. Face principal and amortised cost (effective interest) can diverge.
Why it matters for the CFO
Interest expense and the maturity wall are built off the gross stock. Net debt can mask that stock with cash.
How it is calculated
Brüt borç = Çekilmis finansal borçların anapara bakiyesi (+ paketteki kira / factoring)
Variables in the formula
- Gross debt: Drawn financial-debt stock
How to read it
A rise in gross debt is investment, loss funding or FX. The maturity mix is hidden in the total.
Numerical example
TL loans 200, USD loans 8 mn USD × 37.5 = 300 mn TL → gross debt = 500 mn TL (illustrative FX).
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Definitions are educational. They are not investment, credit or tax advice.