{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-23-007718","form_type":"8-K","ticker":"BAX","cik":"0000010456","company_name":"BAXTER INTERNATIONAL INC","filed_at":"2023-03-13T23:59:59+00:00","discovered_at":"2026-05-14T18:03:43.649501+00:00","generated_at":"2026-06-18T04:10:22.770207+00:00","sec_items":["1.01","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Baxter amends credit deals to raise net leverage covenant thresholds through 2023","bullets":["Amended $4.0B term loan and $2.5B revolver to increase max net leverage ratio to 5.25x for Q1'23, 5.50x for Q2/Q3'23, 5.25x for Q4'23.","Also amended €200M revolving facility guaranty to align leverage covenant with dollar-based facilities.","Ratios step down to 5.00x by Q1'24, 4.25x in mid-2024, and 3.75x by June 2025.","Covenant relief suggests Baxter needed temporary flexibility amid elevated debt levels."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-23-007718","json":"https://secwatch.observer/filing/0001628280-23-007718.json","markdown":"https://secwatch.observer/filing/0001628280-23-007718.md","text":"https://secwatch.observer/filing/0001628280-23-007718.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/10456/000162828023007718/0001628280-23-007718-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/10456/000162828023007718/bax-20230313.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-18T04:10:22.770207+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"19f7d47a1b27a98e9099327d9bd713667698c7b7","claim":"BAXTER INTERNATIONAL INC amended USD Revolving Third Amendment with JPMorgan Chase Bank, National Association valued at 2,500,000,000 (effective 2023-03-13).","evidence_excerpt":"On March 13, 2023, Baxter entered into a third amendment (the \" USD Revolving Third Amendment \") to the existing $2.5 billion, five-year revolving credit agreement, dated as of September 30, 2021, as amended by that certain First Amendment, dated as of September 28, 2022, and that certain Second Amendment, dated as of September 28, 2022, among Baxter, as Borrower, various lenders and JPMorgan Chase Bank, National Association, as Administrative Agent.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/10456/000162828023007718/0001628280-23-007718-index.htm","confidence":0.99,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"JPMorgan Chase Bank, National Association"},{"label":"Value","value":"2,500,000,000"},{"label":"Effective","value":"2023-03-13"}],"fact_type":"material_agreement"},{"claim_id":"bfcb443091e484eda24410a0f00a4ab5fe3db93d","claim":"BAXTER INTERNATIONAL INC amended Term Loan Third Amendment with JPMorgan Chase Bank, National Association valued at 4,000,000,000 (effective 2023-03-13).","evidence_excerpt":"On March 13, 2023, Baxter International Inc. (\" Baxter \") entered into a third amendment (the \" Term Loan Third Amendment \") to the existing $4.0 billion term loan credit facility, dated as of September 30, 2021, as amended by that certain First Amendment, dated as of September 28, 2022, and that certain Second Amendment, dated as of September 28, 2022, among Baxter, as Borrower, various lenders and JPMorgan Chase Bank, National Association, as Administrative Agent.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/10456/000162828023007718/0001628280-23-007718-index.htm","confidence":0.99,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"JPMorgan Chase Bank, National Association"},{"label":"Value","value":"4,000,000,000"},{"label":"Effective","value":"2023-03-13"}],"fact_type":"material_agreement"},{"claim_id":"e76993846f45ae3fb2af6608216650ea9043a1fd","claim":"BAXTER INTERNATIONAL INC amended Euro Amendment with J.P. Morgan SE valued at 200,000,000 (effective 2023-03-13).","evidence_excerpt":"On March 13, 2023, Baxter Healthcare SA and Baxter World Trade SRL, as Borrowers (the \" Euro Borrowers \"), their existing lender group, Baxter, as Guarantor, and J.P. Morgan SE, as Administrative Agent, entered into a second guaranty amendment (the \" Euro Amendment \") to the existing amended and restated guaranty agreement, dated as of October 1, 2021, as amended by that certain Second Amendment, dated as of September 28, 2022, by Baxter in favor of J.P. Morgan SE in connection with the existing €200 million revolving credit facility, dated as of December 20, 2019, as amended by that certain First Amendment, dated as of October 1, 2021, and that certain Second Amendment, dated as of September 28, 2022, among the Euro Borrowers, as Borrowers, various lenders, and J.P. Morgan SE, as Administrative Agent.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/10456/000162828023007718/0001628280-23-007718-index.htm","confidence":0.99,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"J.P. Morgan SE"},{"label":"Value","value":"200,000,000"},{"label":"Effective","value":"2023-03-13"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}