Baxter amends credit covenant and raises note tender cap to $600 million
Baxter entered into Amendment No. 2 to its credit agreement on August 18, 2026, raising the maximum net leverage ratio for five fiscal quarters ending September 30, 2026 through September 30, 2027, and removing Baxter World Trade SRL as a borrower. The same day, the company raised the aggregate purchase price cap on its cash tender offers for certain senior notes from $500 million to $600 million and said it expects to accept $600 million of tendered notes for settlement on August 20, 2026.
Key points
- Amendment No. 2, dated August 18, 2026, raises the maximum net leverage ratio covenant for the five fiscal quarters ending September 30, 2026 through September 30, 2027.
- The tender offer purchase price cap rose from $500 million to $600 million, excluding accrued interest.
- Holders who tendered by 5:00 p.m. New York City time on August 17, 2026 and were accepted receive an early tender premium of $30 per $1,000 principal amount, with early settlement on August 20, 2026.
- Tenders for the 2.539% Senior Notes due 2032 totaled $756,712,000 of $1,550,000,000 outstanding, and the proration factor for that series is 31.37%.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:12 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 18, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.