MCKESSON CORP 8-K

What Happened

• On April 1, 2026, subsidiaries of McKesson Corporation, including McKesson Medical‑Surgical Top Holdings, Inc. (the Borrower), entered into a credit agreement providing three Senior Secured Credit Facilities: a $750.0 million Term Loan A‑1 due 2031, a $250.0 million Term Loan A‑2 due 2028, and a $1.0 billion revolving credit facility due April 1, 2031. JPMorgan Chase Bank, N.A. is administrative agent and collateral agent. The Borrower selected an initial interest option for the term loans equal to Adjusted Term SOFR plus 1.250% per year.
• The credit agreement is secured (subject to limited exceptions) by substantially all tangible and intangible assets of the Borrower and certain material U.S. subsidiaries (the Guarantors) and contains customary representations, affirmative and negative covenants and quarterly financial maintenance tests, including a maximum Total Net Leverage Ratio and a minimum Interest Coverage Ratio.

Key Details

• Total size: $2.0 billion (Term Loans: $1.0B total; Revolving: $1.0B). Maturities: Term A‑2 due 2028; Term A‑1 and Revolver due 2031.
• Interest rates: Term loans — either Adjusted Term SOFR + 1.250% (initial selection) or Base Rate + 0.250%; Revolver — initially Term Benchmark Rate + 1.250% or Base Rate + 0.250%, with post‑June 30, 2026 margins that can vary based on leverage and credit ratings.
• Fees and pricing: commitment fee on the revolver of 0.225%–0.175% (based on leverage and ratings); post‑delivery pricing adjustments for the revolver margin range from 1.625%–1.250% (Term Benchmark) or 0.625%–0.250% (Base Rate) depending on financial metrics and ratings.
• The agreement includes standard events of default and customary lender protections; lenders and their affiliates may have ongoing commercial relationships with McKesson.

Why It Matters

• This financing provides McKesson with substantial committed liquidity and multi‑year debt capacity (a $1.0B revolver and $1.0B in term loans), which supports working capital, general corporate needs or refinancing plans without immediate capital markets transactions.
• Because the debt is secured and includes financial covenants (leverage and interest coverage tests), it can affect the company’s financial flexibility — investors should monitor McKesson’s reported leverage, interest expense (which will vary with SOFR/benchmarks and ratings), and compliance with covenants in future quarters.
• The full terms are in the company’s 8‑K filing; retail investors can review the agreement if they want the detailed covenant and collateral language.