STRYKER CORP (SYK): debt financing — Stryker enters $3.0B revolving credit facility maturing 2030, replacing prior deal

STRYKER CORP

$3.0B aggregate commitments with maturity February 25, 2030.
Covenant: max leverage ratio 3.75:1; acquisition holiday permits 4.75:1 for four quarters.
Facility fee 7-15 bps on undrawn; interest margins 0-10 bps (Base Rate) to 68-110 bps (Eurocurrency).
Replaces October 2021 credit agreement; terms substantially similar.
Margins based on Issuer Rating; initial Pricing Level 3 (BBB+/Baa1).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

STRYKER CORP incurred revolving credit of $3.0 billion with Wells Fargo Bank, National Association at Eurocurrency Rate, Term SOFR, Term CORRA Reference Rate or Base Rate, plus an ap maturing February 25, 2030.

Instrument: revolving credit
Principal: $3.0 billion
Counterparty: Wells Fargo Bank, National Association
Rate: Eurocurrency Rate, Term SOFR, Term CORRA Reference Rate or Base Rate, plus an ap
Maturity: February 25, 2030
Event: incurrence

Exact text from the filing

agreement, dated as of October 26, 2021 (the “2021 Credit Agreement”). The principal terms of the Credit Agreement are: (1) an aggregate principal amount of commitments of $3.0 billion, (2) a maturity date of February 25, 2030 and (3) a leverage ratio financial covenant that provides for a maximum permitted leverage ratio of 3.75:1 at the end of any fiscal

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Source: SEC EDGAR

accession 0001193125-25-039302

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