Henry Schein amends and extends its $350 million bank facility

By Sarah Lizee

Olympia, Wash., June 25 – Henry Schein, Inc. amended and extended its existing $350 million bank facility, according to a press release.

The maturity of the facility was extended to June 2023.

The company also amended its $1 billion of private placement shelf facilities.

The amendments notably include the temporary amendment of the company’s covenant calculation to reflect net debt instead of gross debt, as well as an increase in the maximum leverage allowed under the covenant.

“The amendments and extensions of these facilities, along with the $700 million financing announced on April 20, increases our financial flexibility in a challenging global economy,” Steven Paladino, executive vice president and chief financial officer of Henry Schein, said in the release.

“These facilities support our efforts to navigate the challenges related to the Covid-19 pandemic while also helping to position Henry Schein for future growth and success.”

Henry Schein is a Melville, N.Y.-based provider of health care products and services to office-based dental, medical and animal health practitioners.

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