McKesson Corporation
06/12/2026 | Press release | Distributed by Public on 06/12/2026 06:06
Material Agreement, Financial Obligation (Form 8-K)
Item 1.01 Entry into a Material Definitive Agreement.
On June 9, 2026, certain of McKesson Corporation's (the "Company") subsidiaries, including McKesson Medical-Surgical Top Holdings, Inc. (the "Borrower"), entered into an amendment (the "Amendment") to the Credit Agreement , dated as of April 1, 2026, among, the Borrower, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (as so amended, the "Credit Agreement"), to provide for a $2,250.0 million senior secured term "B" loan facility due 2032 (the "Term B Loan Facility"). All other terms of the Credit Agreement will remain substantially the same except as amended by the Amendment.
Borrowings under the Term B Loan Facility will bear interest, at the Borrower's option, at a rate equal to either (i) the Adjusted Term SOFR Rate (as defined in the Credit Agreement), plus an applicable margin equal to 2.25% per annum or (ii) the Base Rate (as defined in the Credit Agreement), plus an applicable margin equal to 1.25% per annum. The Borrower selected an initial interest rate equal to the Adjusted Term SOFR Rate plus the applicable margin of 2.25% per annum.
All of the Borrower's obligations under the Credit Agreement are secured, subject to certain exceptions and Excluded Assets (as defined in the Credit Agreement), by a security interest in substantially all tangible and intangible assets of the Borrower and each of the Borrower's certain material U.S. subsidiaries (such entities, collectively, "Guarantors").
Under the Credit Agreement, the Borrower will be subject to financial covenants (subject to customary cure rights) consisting of (i) a maximum the total net leverage ratio covenant and (ii) a minimum interest coverage ratio covenant.
In the ordinary course of their respective businesses, certain of the participants in the Credit Agreement and their respective affiliates have engaged, and may in the future engage, in commercial banking, derivatives, financial advisory, investment banking and other commercial transactions and services with the Company, Borrower and its affiliates for which they have received or will receive customary fees and commissions.
The foregoing description of the Term B Loan Facility does not purport to be complete and is qualified in its entirety by reference to the executed Amendment, filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information in Item 1.01 above is hereby incorporated by reference into this Item 2.03.
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