Company: PRGO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001585364-25-000156
Chunk: 245

Company: PERRIGO Co plc
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 15
Chunk 245
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(166.1)543.1 (709.2)Effect of exchange rate changes on cash and cash equivalents29.5 2.9 26.6 Net (decrease) increase in cash and cash equivalents $(124.4)$712.2 $(836.6)

Net cash from Operating Activities 

The $12.8 million increase in operating cash flow was primarily driven by an improved net loss position and an increase in cash flow from the change in net earnings after adjustments for items including depreciation and amortization and restructuring, partially offset by an increase in working capital.  

Net cash (for) from Investing Activities

The $166.8 million decrease in investing cash flow was due primarily to the absence of the proceeds from the sale of the Rare Diseases Business and the six branded products in the prior year period. These were partially offset by the absence of the settlement of foreign currency derivatives in the prior year period, as well as net proceeds received in the current period related to the sale of the Richard Bittner Business.

Net cash (for) from Financing Activities 

The $709.2 million decrease in financing cash flow was due primarily to the prior year period issuance of the 2032 Notes, partially offset by larger one-time payments in the prior year period on the Senior Secured Credit Facilities compared to the current year.

Borrowings and Capital Resources

Credit Agreements

On April 20, 2022, we and our indirect wholly owned subsidiary, Perrigo Investments, LLC, (the "Borrower") entered into the senior secured credit facilities, which consisted of (i) a $1.0 billion five-year revolving credit facility (the “Revolver”), (ii) a $500.0 million five-year Term Loan A facility (the “Term Loan A Facility” and the Term A Loans thereunder, the "Term A Loans"), and (iii) a $1.1 billion seven-year Term Loan B facility (the “Term Loan B Facility” and the Term B Loans thereunder borrowed on April 20, 2022, the "2022 Term B Loans” and, together with the Revolver and Term Loan A Facility, the "Senior Secured Credit Facilities"), pursuant to a Term Loan and Revolving Credit Agreement (the "Credit Agreement"). 

On December 15, 2023, we and the Borrower entered into Amendment No. 1, an Incremental Assumption Agreement (the "Amendment") to the Credit Agreement. The Amendment