MRK · 10-Q · 2026Q2 · Full report

Outstanding Indebtedness

Merck & Co., Inc. · 2026-08-07 · Importance 66 · Surprise 48

Merck drew the full $6.0 billion available under a 364-day delayed-draw term loan facility in April 2026 to fund part of the approximately $6.8 billion cash consideration for Terns, and subsequently repaid the borrowings. In May 2026, Merck issued $6.0 billion of senior unsecured notes with maturities from 2028 through 2056 and coupon rates ranging from floating rate to 5.85%. The net proceeds were used to repay the Terns acquisition-related term loan. Merck’s total debt-to-total-liabilities-and-equity ratio increased to 41.5% at June 30, 2026, from 36.0% at December 31, 2025.