COOPER COMPANIES, INC. 8-K
Research Summary
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Cooper Companies Amends Term Loan and Revolving Credit Agreements
What Happened
Cooper Companies, Inc. (COO) announced on Feb 3, 2026 (filed 8-K Feb 4, 2026) that it entered into Amendment No. 3 to its 2021 Term Loan Agreement and Amendment No. 1 to its 2024 Revolving Credit Agreement with PNC Bank as administrative agent. The term loan amendment extends the maturity of $950 million of term loans to February 3, 2031 (the remaining $550 million term loans keep their existing maturity), removes a credit spread adjustment, raises the cap on incremental term loans, and gives the company an option to set pricing based on its non-credit-enhanced senior unsecured long-term debt ratings or its leverage ratio. The revolving credit amendment conforms provisions to the term loan changes, including removing the credit spread adjustments.
Key Details
- Amendment date: February 3, 2026 (8-K filed Feb 4, 2026).
- Term loans affected: $950 million extended to Feb 3, 2031; $550 million unchanged (total original term loans = $1.5 billion).
- Incremental term loan cap increased to the greater of $1.365 billion and 100% of consolidated EBITDA.
- Pricing option: based on the company’s non-credit-enhanced senior unsecured long-term debt ratings or existing leverage-based pricing.
- Revolving credit (2024 Credit Agreement) amended to conform provisions and remove credit spread adjustments; PNC Bank remains administrative agent.
Why It Matters
These amendments change Cooper’s debt maturity profile and borrowing flexibility: extending $950M reduces near-term refinancing pressure on a material portion of its term debt, while the higher cap on incremental term loans gives the company more capacity to borrow against its EBITDA. Removing the credit spread adjustment and allowing pricing tied to unsecured ratings or leverage may affect future interest costs depending on the company’s rating and leverage trends. For investors, the filing is important for assessing Cooper’s liquidity, debt structure, interest expense risk, and capacity for future financing or capital allocation decisions.