Baxter said it entered into a Credit Agreement on July 17, 2024 with JPMorgan Chase Bank, N.A. as Administrative Agent, under which the banks agreed to provide senior unsecured term loans (Advances) of up to $2.05 billion.

1. 01

   Baxter said it entered into a Credit Agreement on July 17, 2024 with JPMorgan Chase Bank, N.A. as Administrative Agent, under which the banks agreed to provide senior unsecured term loans (Advances) of up to $2.05 billion.

2. 02

   The company said it will draw the Advances in up to three drawings to refinance its November 29, 2024 maturing 1.322% Senior Notes and Floating Rate Notes, along with tranche 1 advances under its existing term loan facility, and to pay certain U.S. tax liabilities arising from internal restructuring tied to the planned Kidney Care separation.

3. 03

   The company said the banks' commitment to fund the Advances will end on the earliest of several events, including December 31, 2024 at 12 noon New York City time. It said the Advances will mature on the earlier of 364 days after the first funding date and November 24, 2025.

4. 04

   The company said interest on the Advances and the ticking fee on undrawn commitments are tied to its long-term debt ratings, and that interest rates will increase beginning on January 1, 2025. It also said it is required to repay Advances with net cash proceeds from the Kidney Care separation. The company added that the agreement includes a net leverage ratio covenant and other covenants.

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Original filing

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