Ecolab signs $4.75 billion term loan to fund Frigeo acquisition
Ecolab entered into a $4.75 billion unsecured delayed draw term loan credit agreement dated April 10, 2026, with Citibank, N.A. as administrative agent. Loan proceeds may only be used to finance the previously announced acquisition of Frigeo Holdings LLC, repay certain Frigeo debt, and pay related fees and expenses, which signals the company is funding that deal with borrowed money.
Key points
- Facility size: $4.75 billion unsecured committed delayed draw term loan, agreement dated April 10, 2026
- Pricing: Term SOFR loans at a margin of 0.75% to 0.875%, depending on Ecolab's credit ratings; ticking fee of 0.06% to 0.08% per annum
- Use of proceeds limited to the Frigeo acquisition under the March 20, 2026 merger agreement and related costs
- Includes a minimum interest expense coverage ratio covenant tested at the end of each four-quarter period
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:21 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 April 15, 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.