MCK · 10-Q · 2026Q2 · Full report

Debt Financing and Liquidity

MCKESSON CORP · 2026-08-05 · Importance 52 · Surprise 42 · In source text

In the first quarter of fiscal 2027, subsidiaries in the Medical-Surgical Solutions segment entered into syndicated financing totaling $3.2 billion of net proceeds. The financing includes $750 million of senior secured term loans due in 2031, $250 million due in 2028, a $2.25 billion term loan due in 2032, and a $1.0 billion senior secured revolving facility maturing in April 2031. On April 24, 2026, McKesson also replaced its prior revolving facilities with a $5.0 billion senior unsecured credit facility maturing in 2031. The filing does not disclose interest rates, but the new debt and refinancing arrangements create material future financing and interest-rate exposure.

Key facts

• On April 24, 2026 the Company established a $5.0 billion senior unsecured revolving credit facility maturing in April 2031 (the 2026 Credit Facility) source
• On April 1, 2026 MMS Borrower entered into Term Loan A-1 due 2031 and Term Loan A-2 due 2028 and a $1.0 billion senior secured revolving credit facility source
• On June 9, 2026 MMS Borrower established a $2.25 billion senior secured Term Loan B facility due 2032 source
• Investing activities for the three months ended June 30, 2026 and 2025 include $23 million and $3.4 billion of net cash payments for acquisitions, respectively, including $2.5 billion and $874 million for the acquisitions of the interests in Core Ventures and PRISM Vision during the three months ended June 30, 2025. source
• In the first quarter of 2027, subsidiaries within Medical-Surgical Solutions entered into and amended a syndicated credit agreement providing a $750 million senior secured term loan due 2031, a $250 million senior secured term loan due 2028, a $2.25 billion senior secured term loan due 2032, for total net proceeds of $3.2 billion, and a $1.0 billion senior secured revolving credit facility maturing in April 2031. source
• On April 24, 2026, the Company terminated its 2022 revolving credit facility and 364-Day credit facility and entered into a new syndicated $5.0 billion senior unsecured credit facility (the 2026 Credit Facility) that matures in 2031. source
• On May 30, 2025, McKesson completed a public debt offering of 4.65% Notes due May 30, 2030 in a principal amount of $650 million, 4.95% Notes due May 30, 2032 in a principal amount of $650 million, and 5.25% Notes due May 30, 2035 in a principal amount of $700 million, for total proceeds received, net of discounts and debt offering expenses, of $2.0 billion. source
• Borrowings under the Term Loan A Facilities bear interest at Adjusted Term SOFR plus a margin ranging from 1.25% to 1.625%; as of June 30, 2026 borrowings were subject to interest at Adjusted Term SOFR plus 1.25% source

Impact estimates