Henry Schein increases revolver to $1 billion and extends to 2026

Chicago, Aug. 23 – Henry Schein, Inc. amended and restated its revolving credit agreement on Friday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The original agreement was dated April 18, 2017 and was previously amended twice.

Revolving commitments have been increased to $1 billion from $750 million with the most recent amendment.

The termination date has been extended to Aug. 20, 2026.

The pricing grid was modified to lower the margin for one of the five tiers. Pricing now ranges from Libor plus 69 basis points to 107.5 bps, based on the consolidated net leverage ratio.

The commitment fee, also based on the consolidated net leverage ratio, will be between 6 bps and 17.5 bps.

Libor replacement provisions have been added.

Proceeds will be used for working capital and general corporate purposes, including, but not limited to, capital expenditures, the repurchase of the company’s capital stock and permitted refinancing of existing debt, as well as for funding potential acquisitions.

U.S. Bank NA is the syndication agent.

Both JPMorgan and U.S. Bank are listed as joint lead arrangers and joint bookrunners.

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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