Stryker amends credit agreement to transition from LIBOR to SOFR benchmarks

STRYKER CORP

Amendment No. 1 to Oct 2021 Credit Agreement replaces LIBOR with SOFR-based rates and adds conforming changes.
Effective June 15, 2023; existing LIBOR loans convert to Term SOFR at end of current interest periods.
No changes to loan amounts, covenants, or pricing; conditions of effectiveness satisfied.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STRYKER CORP amended Amendment No. 1 with Wells Fargo Bank, National Association, as the Administrative Agent (effective 2023-06-15).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as the Administrative Agent
Effective: 2023-06-15

Exact text from the filing

Stryker Corporation (the “Company”) entered into Amendment No. 1 (the “Amendment”) to the Company’s existing Credit Agreement, dated as of October 26, 2021 (the “Existing Credit Agreement”), by and among the Company, the other borrowers party thereto, the lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Administrative Agent.

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Source: SEC EDGAR

accession 0001193125-23-169034

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