Steris (STE) signed, on November 4, 2026, a new $1.6 billion revolving credit facility agreement, which replaces the previous agreement dated October 7, 2024. The facility matures on November 4, 2031. On the closing date, there were no drawings to refinance the previous agreement.
The facility allows an additional increase of up to $800 million in commitments, subject to customary conditions. The proceeds may be used for revolving loans, very short-term loans (swingline) and letters of credit. Drawings in currencies other than the dollar are limited to the equivalent of $625 million. Interest depends on the chosen benchmark rate plus a margin that varies according to Steris' credit rating.
On the same day, Steris also signed a delayed draw term loan agreement of up to $500 million. The amount can only be used if the acquisition of Xodus Medical is completed, and the commitments terminate if the purchase is validly terminated or if the deadline date is reached. The loan matures five years after the completion of the acquisition.
There is no principal payment in the first year. In years two and three, quarterly installments correspond to 1.25% of the principal drawn on the acquisition completion date, and in years four and five, 1.875%. The remaining balance is paid at maturity.
Both agreements include a leverage limit and a minimum interest coverage ratio. All banks in the term loan also participate in the revolving facility.
