MCK 8-K: Smart Summary

On April 1, 2026, subsidiaries of McKesson Corporation, including McKesson Medical-Surgical Top Holdings, Inc. as borrower, entered into a Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, providing for $2B in total senior secured credit facilities comprising two term loan facilities and a revolving credit facility.

• Credit Agreement (Term Loan A-1 Facility) — McKesson Medical-Surgical Top Holdings, Inc. (Borrower) and lenders party thereto, with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent; effective April 1, 2026; $750M senior secured term 'A' loan facility; due 2031
• Credit Agreement (Term Loan A-2 Facility) — McKesson Medical-Surgical Top Holdings, Inc. (Borrower) and lenders party thereto, with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent; effective April 1, 2026; $250M senior secured term 'A' loan facility; due 2028
• Credit Agreement (Revolving Credit Facility) — McKesson Medical-Surgical Top Holdings, Inc. (Borrower) and lenders party thereto, with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent; effective April 1, 2026; $1B senior secured revolving credit facility; matures April 1, 2031
• Security, Guaranty and Related Agreements — Borrower and certain other subsidiaries of McKesson Corporation; entered into in connection with the Credit Agreement; secure obligations with a security interest in substantially all tangible and intangible assets of the Borrower and certain material U.S. subsidiaries

• Financial Maintenance Covenants — Borrower must maintain a maximum Total Net Leverage Ratio and a minimum Interest Coverage Ratio, each tested on a quarterly basis
• Negative Covenants — Restrictions on indebtedness, liens, investments, fundamental changes, dispositions, and dividends and other distributions applicable to the Borrower and Guarantors
• Pricing Rate Adjustment Trigger — Initial pricing applies until delivery of financial statements and related Compliance Certificate for fiscal quarter ending June 30, 2026; thereafter rates adjust based on Total Net Leverage Ratio and, once obtained, public corporate credit ratings from S&P and Moody's
• Collateral Requirement — Obligations secured by a security interest in substantially all tangible and intangible assets of the Borrower and certain material U.S. subsidiaries, subject to certain exceptions and Excluded Assets as defined in the Credit Agreement

• Term Loan A Facilities Interest Rate (Initial) — Borrower selected Adjusted Term SOFR Rate plus applicable margin of 1.250% per annum; alternative Base Rate plus applicable margin of 0.250% per annum
• Revolving Credit Facility Interest Rate (Initial) — Term Benchmark Rate plus 1.250% per annum, or Base Rate plus 0.250% per annum, until financial statements for the fiscal quarter ending June 30, 2026 are delivered
• Revolving Credit Facility Interest Rate (Post-Initial Period) — Ranges from 1.625% to 1.250% plus Term Benchmark Rate, or 0.625% to 0.250% plus Base Rate, based on Total Net Leverage Ratio and public corporate credit ratings
• Commitment Fee — Rates varying from 0.225% to 0.175%, based on achievement of certain Total Net Leverage Ratios and certain public corporate credit ratings
• Total Senior Secured Credit Facilities — Aggregate of $2B ($750M Term A-1 + $250M Term A-2 + $1B Revolving)