ECOLAB INC. 8-K

What Happened

• Ecolab Inc. announced on April 10, 2026 (filed April 15, 2026) that it entered into a $4.75 billion unsecured committed delayed draw term loan credit agreement with various lenders, with Citibank, N.A. as administrative agent.
• The facility is designated to finance Ecolab’s previously announced acquisition of Frigeo Holdings LLC and to repay certain Frigeo indebtedness, and to cover related fees, costs and expenses.

Key Details

• Size: $4.75 billion unsecured committed delayed-draw term loan.
• Use of proceeds: exclusively to finance the Frigeo acquisition and repay certain Frigeo debt, plus transaction fees and expenses.
• Pricing: borrowers may choose Term SOFR, Daily Simple SOFR or Base Rate loans; margins on SOFR-based loans range from 0.75% to 0.875% depending on Ecolab’s credit ratings.
• Ticking fee: a commitment (ticking) fee during the accrual period of 0.06% to 0.08% per annum (rating-dependent).
• Covenants: contains a financial covenant requiring Ecolab to maintain a minimum interest expense coverage ratio (measured each four-quarter period), plus customary representations, events of default, and restrictions (liens, subsidiary indebtedness).
• Administrative agent: Citibank, N.A.; lenders include multiple financial institutions that may have other banking relationships with Ecolab.
• Filing: Credit Agreement filed as Exhibit 10.1 to the Form 8-K.

Why It Matters

• This committed $4.75B facility secures dedicated financing for the Frigeo acquisition, reducing execution risk for that transaction by lining up lender funding in advance.
• The agreement is unsecured and includes a covenant (interest expense coverage), so it affects Ecolab’s financing profile and could limit financial flexibility if coverage weakens.
• Costs to Ecolab include the interest margin (rating-dependent) and ticking fees while commitments are undrawn; these are concrete near-term financing costs disclosed to investors.