ZIMMER BIOMET HOLDINGS, INC. (ZBH): debt financing — Zimmer Biomet enters $1.5B five-year and $1B 364-day credit facilities, refinances $520M

ZIMMER BIOMET HOLDINGS, INC.

New $1.5B five-year unsecured revolving facility matures July 7, 2028, with two one-year extension options.
New $1.0B 364-day unsecured revolving facility matures July 5, 2024.
Borrowed $520M under the five-year facility to repay outstanding borrowings under prior five-year credit agreement.
Financial covenant requires consolidated indebtedness to EBITDA ratio ≤4.5x (5.0x for material acquisitions).
Interest rates based on adjusted Term SOFR plus margin determined by credit rating; facility fees also based on credit rating.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ZIMMER BIOMET HOLDINGS, INC. incurred revolving credit of $1.0 billion with JPMorgan Chase Bank, N.A. at adjusted Term SOFR plus an applicable margin maturing July 5, 2024.

Instrument: revolving credit
Principal: $1.0 billion
Counterparty: JPMorgan Chase Bank, N.A.
Rate: adjusted Term SOFR plus an applicable margin
Maturity: July 5, 2024
Event: incurrence

Exact text from the filing

The 364-Day Revolving Credit Agreement, dated as of July 7, 2023, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “364-Day Credit Agreement”), is an unsecured revolving credit facility in the principal amount of $1.0 billion (the “364-Day Revolving Facility”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ZIMMER BIOMET HOLDINGS, INC. incurred revolving credit of $1.5 billion with JPMorgan Chase Bank, N.A. at adjusted Term SOFR plus an applicable margin maturing July 7, 2028.

Instrument: revolving credit
Principal: $1.5 billion
Counterparty: JPMorgan Chase Bank, N.A.
Rate: adjusted Term SOFR plus an applicable margin
Maturity: July 7, 2028
Event: incurrence

Exact text from the filing

On July 7, 2023, Zimmer Biomet Holdings, Inc. (the “Company”) entered into a new five-year revolving credit agreement and a new 364-day revolving credit agreement, as described below. The Five-Year Revolving Credit Agreement, dated as of July 7, 2023, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Five-Year Credit Agreement”), is a five-year unsecured revolving facility of $1.5 billion (the “Five-Year Revolving Facility”).

View on SEC.gov

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

ZIMMER BIOMET HOLDINGS, INC. entered into Five-Year Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent valued at $1.5 billion (effective 2023-07-07).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: $1.5 billion
Effective: 2023-07-07

Exact text from the filing

The Five-Year Revolving Credit Agreement, dated as of July 7, 2023, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Five-Year Credit Agreement”), is a five-year unsecured revolving facility of $1.5 billion (the “Five-Year Revolving Facility”).

View on SEC.gov

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

ZIMMER BIOMET HOLDINGS, INC. terminated 2022 Five-Year Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent valued at $520.0 million (effective 2023-07-07).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: $520.0 million
Effective: 2023-07-07

Exact text from the filing

There was $520.0 million in aggregate outstanding borrowings under the 2022 Five-Year Credit Agreement at the time it was terminated, which borrowings were repaid through borrowings on July 7, 2023 in the same amounts and on the same terms under the Five-Year Credit Agreement.

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

ZIMMER BIOMET HOLDINGS, INC. terminated 2022 364-Day Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent (effective 2023-07-07).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Effective: 2023-07-07

Exact text from the filing

The Five-Year Revolving Credit Agreement, dated as of July 7, 2023, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Five-Year Credit Agreement”), is a five-year unsecured revolving facility of $1.5 billion (the “Five-Year Revolving Facility”).

View on SEC.gov

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

ZIMMER BIOMET HOLDINGS, INC. entered into 364-Day Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent valued at $1.0 billion (effective 2023-07-07).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: $1.0 billion
Effective: 2023-07-07

Exact text from the filing

The 364-Day Revolving Credit Agreement, dated as of July 7, 2023, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “364-Day Credit Agreement”), is an unsecured revolving credit facility in the principal amount of $1.0 billion (the “364-Day Revolving Facility”).

View on SEC.gov

102 debt financings filed in the last 30 days. Browse all debt financings →

ZIMMER BIOMET HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-184743

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