The purpose of this study is to determine the effect of tax avoidance on the cost of debt on sector of food and beverage manufacturing companies in Indonesia. This research is a quantitative study that analyzes the effect of tax avoidance on the cost of debt with managerial opportunism as a moderating variable. The cost of debt is one important component that must be considered because it can affect company sustainability. Tax avoidance is also one of the management strategies that can affect rising debt costs if managers behave opportunistically to increase debt costs due to avoiding taxes that must be paid by companies. This study used a food and beverage sub-sector manufacturing company for 4 years of observation, namely from 2014-2017. We used multiple regressions with SPSS 23 for hypotheses tested. The results of this study indicate that tax avoidance affects the cost of debt. Whereas the managerial opportunism can be weakens the effect of tax avoidance on the cost of debt.