CREDIT AGREEMENT
Signed Jun 24, 2026
- Committed
- $1.5bn
- Matures
- Jun 2031
| Tranche | Size | Matures | Margin |
|---|---|---|---|
| Multicurrency Revolving Commitments | $1.5bn | Jun 2031 | 75–125 bps |
| Tranche A Euro Term Loans | EUR $400m | Jun 2031 | 88–138 bps |
Priced over Other, floor 0 bps (Revolving credit facility).
| Level | Condition | Margin | Unused fee |
|---|---|---|---|
| Level I | Net Leverage Ratio ≤ 0.50:1.00 or Public Debt Ratings A- / A3 or higher | 75 bps | n/a |
| Level II | Net Leverage Ratio ≤ 1.50:1.00 > 0.50:1.00 or BBB+ / Baa1 | 88 bps | n/a |
| Level III | Net Leverage Ratio ≤ 2.50:1.00 > 1.50:1.00 or BBB / Baa2 | 100 bps | n/a |
| Level IV | Net Leverage Ratio ≤ 3.50:1.00 > 2.50:1.00 or BBB- / Baa3 | 113 bps | n/a |
| Level V | Net Leverage Ratio > 3.50:1.00 or BB+ / Ba1 or lower | 125 bps | n/a |
| Level I (fee) | Commitment Fee at Level I | n/a | 7 bps |
| Level II (fee) | Commitment Fee at Level II | n/a | 8 bps |
| Level III (fee) | Commitment Fee at Level III | n/a | 9 bps |
| Level IV (fee) | Commitment Fee at Level IV | n/a | 13 bps |
| Level V (fee) | Commitment Fee at Level V | n/a | 18 bps |
Priced over EURIBOR, floor 0 bps (Term Loan A).
| Level | Condition | Margin | Unused fee |
|---|---|---|---|
| Level I | Net Leverage Ratio ≤ 0.50:1.00 or Public Debt Ratings A- / A3 or higher | 88 bps | n/a |
| Level II | Net Leverage Ratio ≤ 1.50:1.00 > 0.50:1.00 or BBB+ / Baa1 | 100 bps | n/a |
| Level III | Net Leverage Ratio ≤ 2.50:1.00 > 1.50:1.00 or BBB / Baa2 | 113 bps | n/a |
| Level IV | Net Leverage Ratio ≤ 3.50:1.00 > 2.50:1.00 or BBB- / Baa3 | 125 bps | n/a |
| Level V | Net Leverage Ratio > 3.50:1.00 or BB+ / Ba1 or lower | 138 bps | n/a |
Lenders: BofA Securities, Inc., JPMorgan Chase Bank, N.A., Barclays Bank PLC, Citibank, N.A., Goldman Sachs Bank USA, Mizuho Bank, Ltd.