CHE · 10-Q · 2026Q1 · Full report

Interest Rate and Refinancing Exposure

CHEMED CORP · 2026-04-28 · Importance 91 · Surprise 92

On April 10, 2026, Chemed replaced its Prior Credit Agreement with a sixth amended and restated Credit Agreement providing a five-year $450.0 million revolving credit facility, including $100.0 million available for letters of credit. The facility bears a floating rate generally equal to SOFR plus a tiered margin that varies by the Company’s leverage ratio, and as of March 31, 2026 the applicable rate is SOFR plus 100 basis points; the agreement also includes an expansion feature to increase the revolver by up to an additional $250.0 million. The Company had $45.5 million of standby letters of credit outstanding (issued under the Prior Credit Agreement and continued under the new agreement) which reduce available capacity, and reported approximately $313.3 million of unused lines of credit available as of March 31, 2026. The Credit Agreement contains quarterly-tested financial covenants and management reports it was in compliance under the Prior Credit Agreement as of March 31, 2026 and anticipates remaining in compliance under the new Credit Agreement.

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