Company: PRGO
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001585364-25-000122
Chunk: 281

Company: PERRIGO Co plc
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 15
Chunk 281
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 used to settle the cash tender offer by Perrigo Finance for $300.0 million in aggregate principal amount of 3.900% Senior Notes due 2024 ("2024 Notes"). The tender offer was settled on December 15, 2023, and Perrigo Finance accepted for purchase $300.0 million of the 2024 Notes and paid approximately $295.1 million in aggregate cash consideration (excluding accrued interest).

On December 15, 2024, we and the Borrower entered into Amendment No. 2 to the Credit Agreement, that provides for the refinancing of the Term B Loans outstanding under the Credit Agreement in the aggregate amount of $984.7 million. Refer to Item 1. Note 11. 

As of June 28, 2025 and December 31, 2024, we had $1,411.7 million and $1,429.1 million, respectively, outstanding under our Term Loan A Facility and Term Loan B Facility. Our short-term debt as of June 28, 2025 of $36.4 million is comprised of (i) amortization payments for the Term A Loans and the Term B Loans and (ii) lease payments. 

The interest rate net of derivatives results in a fixed rate on a substantial portion of our long-term debt, the earliest of which matures in April 2027.

We were in compliance with all the covenants under our debt agreements as of June 28, 2025.

Other Financing 

We have overdraft facilities available that we may use to support our cash management operations. There were no material borrowings outstanding under the overdraft facilities as of June 28, 2025 or December 31, 2024.

Leases

We had $194.1 million and $195.1 million of lease liabilities and $183.8 million and $186.9 million of lease assets as of June 28, 2025 and December 31, 2024, respectively. For information on our operating and finance lease obligations and the amount and timing of future payments refer to Item 1. Note 7.

Credit Ratings

Our credit ratings on June 28, 2025 were Ba2 (negative), BB- (stable), and BB (negative), by Moody's Investor Services, S&P Global Ratings ("S&P"), and Fitch Ratings Inc. ("Fitch"), respectively. 

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Perrigo Company plc - Item 2Financial Condition, Liquidity