---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-054015"
form_type: "8-K"
ticker: "BAX"
cik: "0000010456"
company_name: "BAXTER INTERNATIONAL INC"
filed_at: "2025-11-25T23:59:59+00:00"
generated_at: "2026-05-16T16:45:54.552079+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

# Baxter amends credit agreement to raise net leverage cap to 4.25x through Q2 2026

## Summary
- Amendment No. 1 to five-year credit agreement dated Nov 25, 2025 relaxes net leverage ratio covenant.
- Maximum net leverage set at 4.25x for quarters ending Dec 2025, Mar 2026, Jun 2026; 4.00x for Sep 2026; 3.75x thereafter.
- JPMorgan Chase is Administrative Agent; multiple banks including Bank of America, Citibank, Deutsche Bank are lenders.
- No event of default occurred; representations reaffirmed as of effective date.

## SEC filing metadata
- accession: 0001628280-25-054015
- form_type: 8-K
- ticker: BAX
- cik: 0000010456
- company_name: BAXTER INTERNATIONAL INC
- filed_at: 2025-11-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/10456/000162828025054015/0001628280-25-054015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/10456/000162828025054015/bax-20251125.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-054015
- JSON: https://secwatch.observer/filing/0001628280-25-054015.json
- Plain text: https://secwatch.observer/filing/0001628280-25-054015.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.