$STE · STERIS plc
On November 4, 2026, STERIS plc and subsidiaries entered a new $1,600 million revolving credit facility replacing the October 7, 2024 agreement, maturing November 4, 2031, with an incremental increase option up to $800 million. FinCo also entered a $500 million delayed draw term loan facility, usable only upon consummation of the Xodus Medical acquisition, maturing five years after the acquisition closing date. No borrowings were incurred at closing to refinance the existing revolver.
- New $1,600M revolver replaces the October 7, 2024 credit agreement, maturing November 4, 2031.
- Revolver permits up to $800M in incremental commitments under customary conditions.
- $500M delayed draw term loan is contingent on closing the Xodus Medical acquisition.
- Delayed draw term loan matures five years after the acquisition closing date.
- No borrowings were incurred at closing to refinance the existing revolver.
Extended-hours last trade $260.86, up 5.22% vs regular close of $247.91, suggesting a positive reaction to the financing and acquisition funding clarity.
STERIS is lining up $2.1B in debt capacity to fund its Xodus Medical acquisition, signaling continued M&A expansion.
STERIS continues its acquisition-driven growth strategy in the medical device/sterilization space, using debt financing to fund the Xodus Medical deal.
Financial covenants include leverage limits and minimum interest coverage; events of default include cross-default on Material Indebtedness exceeding the greater of $150M or 3% of Consolidated Total Assets.