Zimmer Biomet Enters New Debt Agreements, Terminates Old
Ticker: ZBH · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1136869
Sentiment: neutral
Topics: debt, financing, agreement
Related Tickers: ZBH
TL;DR
ZBH just inked new debt deals for 2026 & 2027 notes, ditching an old one. Financial shuffle underway.
AI Summary
On June 28, 2024, Zimmer Biomet Holdings, Inc. entered into a material definitive agreement related to its M2.425 Notes Due 2026 and M1.164 Notes Due 2027. The company also terminated a material definitive agreement and created a direct financial obligation. These actions are part of the company's ongoing financial management and debt obligations.
Why It Matters
This filing indicates changes in Zimmer Biomet's debt structure, which could impact its financial leverage and future borrowing costs.
Risk Assessment
Risk Level: medium — Changes in debt agreements and obligations can introduce financial risks related to interest rates, repayment, and covenants.
Key Numbers
- 2026 — M2.425 Notes Due (Maturity year for a new debt agreement)
- 2027 — M1.164 Notes Due (Maturity year for a new debt agreement)
Key Players & Entities
- ZIMMER BIOMET HOLDINGS, INC. (company) — Registrant
- June 28, 2024 (date) — Date of earliest event reported
- M2.425 Notes Due 2026 (dollar_amount) — Debt instrument
- M1.164 Notes Due 2027 (dollar_amount) — Debt instrument
FAQ
What specific material definitive agreement was terminated?
The filing does not specify the details of the terminated material definitive agreement.
What are the terms of the new M2.425 Notes Due 2026?
The filing indicates the existence of these notes but does not provide specific terms or interest rates.
What are the terms of the new M1.164 Notes Due 2027?
The filing indicates the existence of these notes but does not provide specific terms or interest rates.
What is the nature of the direct financial obligation created?
The filing mentions the creation of a direct financial obligation but does not provide specific details about its nature or amount.
What is the total value of the new debt obligations entered into?
The filing references the M2.425 Notes Due 2026 and M1.164 Notes Due 2027 but does not state the aggregate principal amount of these new obligations.
Filing Stats: 1,319 words · 5 min read · ~4 pages · Grade level 12 · Accepted 2024-07-01 16:17:05
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value ZBH New York Stock Exchan
- $1.5 billion — ve-year unsecured revolving facility of $1.5 billion (the "Five-Year Revolving Facility"). T
- $500.0 million — acility by an aggregate amount of up to $500.0 million. Borrowings under the Five-Year Revolvi
- $1.0 billion — dit facility in the principal amount of $1.0 billion (the "364-Day Revolving Facility"). The
Filing Documents
- d607173d8k.htm (8-K) — 38KB
- d607173dex101.htm (EX-10.1) — 561KB
- d607173dex102.htm (EX-10.2) — 512KB
- 0001193125-24-173303.txt ( ) — 1517KB
- zbh-20240628.xsd (EX-101.SCH) — 4KB
- zbh-20240628_def.xml (EX-101.DEF) — 13KB
- zbh-20240628_lab.xml (EX-101.LAB) — 22KB
- zbh-20240628_pre.xml (EX-101.PRE) — 14KB
- d607173d8k_htm.xml (XML) — 7KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Five-Year Revolving Credit Agreement, dated as of June 28, 2024, among Zimmer Biomet Holdings, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent 10.2 364-Day Revolving Credit Agreement, dated as of June 28, 2024, among Zimmer Biomet Holdings, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: July 1, 2024 ZIMMER BIOMET HOLDINGS, INC. By: /s/ Chad F. Phipps Name: Chad F. Phipps Title: Senior Vice President, General Counsel and Secretary