BAXTER INTERNATIONAL INC — Form 8-K

On August 18, 2026, Baxter International amended its five-year revolving credit facility (originally dated June 11, 2025, with JPMorgan Chase as administrative agent and 13 banks including Bank of America, Citibank, Deutsche Bank, Goldman Sachs, HSBC, Mizuho, Morgan Stanley, U.S. Bank, Société Générale, Bank of Nova Scotia, TD Bank, and Wells Fargo as lenders) and simultaneously completed a cash tender offer for $600M of senior notes (increased from initially planned $500M). The amendment revised the net leverage ratio covenant from 3.75x to 4.25x through Q2 2027, then stepping down to 4.00x in Q3 2027 and 3.75x thereafter, with a temporary 4.50x allowance for four quarters following any Material Acquisition. Baxter accepted $627.9M of notes tendered (63% of $1.0B outstanding across four series), with settlement scheduled for August 20, 2026.