STERIS plc filed a current report on November 4, 2026, disclosing that it entered into a new $1,600 million revolving credit facility and a separate $500 million delayed draw term loan agreement, while simultaneously terminating its existing revolving credit agreement dated October 7, 2024.

Key Highlights

  • New Revolving Credit Facility: STERIS, STERIS Corporation, STERIS Limited, and STERIS Irish FinCo Unlimited Company entered into a $1,600 million revolving credit facility, with J.P. Morgan SE and JPMorgan Chase Bank, N.A. as administrative agents.
  • Revolver Maturity: The new revolving credit facility matures on November 4, 2031, replacing the existing credit agreement dated October 7, 2024.
  • Incremental Capacity: The revolver permits an incremental increase of commitments of up to $800 million, subject to customary conditions, according to the filing.
  • Alternative Currency Sublimit: Alternative Currency Advances under the revolver are limited in the aggregate to the equivalent of $625 million.
  • Delayed Draw Term Loan: STERIS Irish FinCo Unlimited Company, as borrower, entered into a delayed draw term loan facility of up to $500 million, contingent on the consummation of the acquisition of Xodus Medical, Inc.
  • Term Loan Maturity and Principal Schedule: The delayed draw term loan matures five years after the Xodus Medical Acquisition closing date, with no principal payments due in year one, and quarterly payments beginning in year two.
  • No Borrowings at Closing: According to the filing, "On the closing date for the New Revolving Credit Agreement, no borrowings were incurred to refinance and replace the Existing Revolving Credit Agreement."

STERIS Replaces Existing Credit Facility and Adds Acquisition-Linked Term Loan

According to the filing, STERIS plc (NYSE:STE) and certain subsidiaries executed two separate credit agreements on November 4, 2026. The first is a $1,600 million revolving credit facility that replaces the prior revolving credit agreement from October 7, 2024. The revolver may be used for revolving credit borrowings, swingline borrowings, and letters of credit, with sublimits applicable to swingline borrowings and letters of credit. Interest is determined based on either the Base Rate or the Relevant Rate, plus an Applicable Margin tied to STERIS's debt rating.

The filing disclosed that the new revolver allows for incremental commitment increases of up to $800 million subject to customary conditions, and that Alternative Currency Advances are capped in aggregate at the equivalent of $625 million. The agreement contains customary covenants, including restrictions on indebtedness by non-guarantor subsidiaries and creation of liens, as well as financial covenants covering leverage and minimum interest coverage. Events of default include, among others, certain defaults on indebtedness exceeding the greater of $150 million or 3% of Consolidated Total Assets.

The second agreement, the Delayed Draw Term Loan, provides for up to $500 million and is conditioned on the consummation of the acquisition of Xodus Medical, Inc. The filing stated that commitments under the Delayed Draw Term Loan will terminate if the Xodus Medical Acquisition is validly terminated or a specified outside date occurs. The term loan matures five years from the Xodus Medical Acquisition closing date. Principal repayment begins in year two, with quarterly payments equal to 1.25% of outstanding advances during years two and three, rising to 1.875% per quarter during years four and five, with the remaining balance due at maturity. The filing noted that all lenders under the Delayed Draw Term Loan Agreement are also lenders under the new revolving credit facility.

What Was Disclosed

STERIS plc reported entering into a $1,600 million revolving credit facility maturing November 4, 2031, and a $500 million delayed draw term loan tied to the pending Xodus Medical, Inc. acquisition, while terminating its prior revolving credit agreement dated October 7, 2024.