MCK MCKESSON CORP
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Executive Summary
McKesson replaced its existing $1.0B 364-day and $4.0B five-year revolving credit facilities with a new $5.0B five-year revolving credit facility maturing in April 2031, upsizing total capacity by $1.0B and extending maturity by 1.5 to 5 years. The new facility includes a $4.5B multi-currency sublimit and maintains substantially similar terms, with no borrowings outstanding under the prior facilities at termination. This is a routine refinancing that improves liquidity and extends debt maturity profile without any financial impact.
Key Financial Metrics
Actionable Insight
Routine refinancing with no immediate trading catalyst. Monitor for potential material acquisitions given the increased capacity and temporary leverage step-up provision, which could signal M&A activity.
Key Facts
- New $5.0B revolving credit facility replaces $1.0B 364-day facility (maturing May 2026) and $4.0B five-year facility (maturing Nov 2029)
- New facility matures April 24, 2031, extending weighted average maturity by 1.5 to 5 years
- Total revolving capacity increased by $1.0B from $4.0B to $5.0B
- $4.5B sublimit for borrowings in Canadian Dollars, British Pound Sterling, and Euros (up from $3.6B)
- No borrowings were outstanding under the prior facilities at termination
- Leverage covenant unchanged at 4.25x (step-up to 4.75x for material acquisitions over $500M), excluding Medical-Surgical Solutions segment
- Ratings-based pricing grid: 0.625%-1.25% for SOFR loans, 0%-0.25% for base rate loans
- Facility can be increased by up to $2.5B subject to lender consent
Financial Impact
No borrowings outstanding at termination; new facility increases undrawn capacity by $1.0B to $5.0B with $4.5B multi-currency sublimit. Facility fee based on ratings-based grid (Pricing Level III initially at 7.0 bps on undrawn commitments).
Risk Factors
- Increased capacity could fund dilutive acquisitions
- Leverage covenant step-up provision may signal upcoming M&A
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000927653-26-000053 |
| Document: mck-20260428.htm | 0000927653-26-000053 |
| Document: 0000927653-26-000053-index-headers.html | 0000927653-26-000053 |
| Document: 0000927653-26-000053-index.html | 0000927653-26-000053 |
| Document: 0000927653-26-000053.txt | 0000927653-26-000053 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 12, 2026
today
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DEFA14A
| $784.39 awaiting T+1 | awaiting T+1 | — | $784.05 (−0.04%) |
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Jun 12, 2026
1d ago
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8-K
| $787.31 awaiting T+1 | awaiting T+1 | — | $784.05 (−0.41%) |
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Jun 8, 2026
4d ago
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Insider Cluster
| $768.21 awaiting T+1 | awaiting T+1 | — | $784.05 (+2.06%) |
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Jun 3, 2026
9d ago
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Insider Cluster
| $739.40 $756.67 | ▲ +2.34% | ▲ +1.94% | $784.05 (+6.04%) |
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Jun 2, 2026
10d ago
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Insider Cluster
| $736.15 $739.40 | ▲ +0.44% | ▲ +1.16% | $784.05 (+6.51%) |
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May 27, 2026
16d ago
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Insider Cluster
| $756.13 $755.12 | ▼ −0.13% | ▼ −0.69% | $784.05 (+3.69%) |
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May 27, 2026
16d ago
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Insider Cluster
| $756.13 $755.12 | ▼ −0.13% | ▼ −0.69% | $784.05 (+3.69%) |
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May 7, 2026
5w ago
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8-K
| $732.70 $724.62 | ▼ −1.10% | ▼ −1.33% | $784.05 (+7.01%) |
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Apr 28, 2026
6w ago
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8-K
| $834.40 $823.08 | ▼ −1.36% | ▼ −1.35% | $784.05 (−6.03%) |
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Apr 6, 2026
9w ago
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8-K
| $856.36 $853.48 | ▼ −0.34% | ▼ −0.40% | $784.05 (−8.44%) |
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