STERIS entered into a credit agreement on October 7, 2024 with JPMorgan Chase Bank, N.A. as administrative agent. The facility provides a $1,100 million revolving credit facility and replaces the existing credit agreement dated March 19, 2021.

1. 01

   STERIS entered into a credit agreement on October 7, 2024 with JPMorgan Chase Bank, N.A. as administrative agent. The facility provides a $1,100 million revolving credit facility and replaces the existing credit agreement dated March 19, 2021.

2. 02

   The company said it will use proceeds of the revolver for general corporate purposes and working capital needs. The facility matures on October 7, 2024, 5 years later, and may be increased by up to $625 million in specified circumstances at the lenders' discretion.

3. 03

   The company said the revolver bears interest at either the Base Rate or the Relevant Rate, plus the Applicable Margin, which is set based on STERIS's Debt Rating. It said alternative currency advances are limited in the aggregate to the equivalent of $625 million.

4. 04

   The company said the credit agreement includes financial covenants, including restrictions on indebtedness by non-guarantor subsidiaries and on liens, a limit on leverage and a required minimum interest coverage. It said a change of control and other events could allow the lenders to accelerate maturity.

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