--- title: "Medline sells $1,250.0 million and $750.0 million in senior secured notes" url: "https://aibio.space/news/medline-sells-1-250-0-million-750-0-million-senior-secured-notes/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-05-28" section: "Debt Financing" tickers: "NASDAQ:MDLN" source: "https://www.sec.gov/Archives/edgar/data/2046386/000119312526252557/d50280d8k.htm" summary: "Medline issued $1,250.0 million of 2031 notes and $750.0 million of 2033 notes, then refinanced part of its 2030 term loan into an approximately $2,750.0 m" --- By the aibio.space news desk. Sources - [Medline Inc. 8-K (2026-06-02)](https://www.sec.gov/Archives/edgar/data/2046386/000119312526252557/d50280d8k.htm) [MDLN](https://aibio.space/companies/medline/) 2026-05-28 # Medline sells $1,250.0 million and $750.0 million in senior secured notes Tickers [MDLN](https://aibio.space/companies/medline/) Medline issued $1,250.0 million of 2031 notes and $750.0 million of 2033 notes, then refinanced part of its 2030 term loan into an approximately $2,750.0 million loan due 2033. The new debt is secured on substantially all assets. ## Key facts - **Company**: Medline Inc. (NASDAQ: MDLN) - **News type**: Debt Financing - **Primary source**: [Medline Inc. 8-K (2026-06-02)](https://www.sec.gov/Archives/edgar/data/2046386/000119312526252557/d50280d8k.htm) *An empty boardroom with a long table. CC0, via rawpixel. The picture shows the field, not the companies named.* ## The notes Medline Borrower, LP and Medline Co-Issuer, Inc., indirect subsidiaries of Medline Inc., issued $1,250.0 million of 5.000% senior secured notes due June 15, 2031, and $750.0 million of 5.250% senior secured notes due June 15, 2033, on May 28, 2026. The notes were issued under an indenture dated May 28, 2026, among the issuers, Medline Intermediate, LP, the subsidiary guarantors and Wilmington Trust, National Association, which acts as trustee, paying agent, transfer agent, registrar and notes collateral agent. Interest is payable semi-annually on June 15 and December 15, starting December 15, 2026. The notes are guaranteed by Holdings and each of the issuer's wholly owned domestic restricted subsidiaries that guarantee the senior secured credit facilities. The issuers can redeem the 2031 notes before May 15, 2031, and the 2033 notes before April 15, 2033, at the greater of 100% of principal and a make-whole price, plus accrued interest. After those dates the redemption price is 100% of principal. On a Change of Control Triggering Event, the issuers must offer to repurchase the notes at 101% of principal plus accrued interest, subject to certain limitations. Bank of America, N.A. is bank collateral agent under an intercreditor agreement. The notes and their guarantees are secured by substantially all assets of the issuers and guarantors. The collateral includes the capital stock of the issuer and of material domestic subsidiaries, and 65% of the stock of first-tier foreign subsidiaries. The collateral and guarantees are released once an Investment Grade Event occurs and other conditions are met, and the filing says they will not be reinstated after a later downgrade or withdrawal of the ratings. That collateral also secures the senior secured credit facilities and the company's existing secured notes, the 3.875% notes due 2029 and the 6.250% notes due 2029. All of these share the collateral on a pari passu basis, subject to permitted liens. The filing names no placement agent or underwriter for the notes. ## The term loan and the use of proceeds Amendment No. 7 to the credit agreement was entered into on May 28, 2026, by Holdings, the issuer and the subsidiary guarantors. The original credit agreement is dated October 21, 2021, and Bank of America, N.A. is its administrative agent, collateral agent. The amendment refinances the 2030 term loan facility with a 2033 Refinancing Term Loan Facility of approximately $2,750.0 million. That loan matures May 28, 2033, and is subject to the same affirmative and negative covenants and events of default as the 2030 facility. It amortizes in equal quarterly installments totaling 1.00% a year of the original principal, with the balance due at maturity. Borrowings bear interest at a margin over a base rate or over Term SOFR, with a Term SOFR floor of 0.50%. Repricing the loan within six months of the amendment carries a prepayment premium of 1.0%, with exceptions. The 8-K says the net proceeds of the notes, the new term loan and cash on hand were used to repay in full the term loan facility due 2028. They also refinanced approximately $724.0 million of the 2030 term loan, redeemed approximately $500.0 million of the 6.250% senior secured notes due 2029, and paid related fees and expenses. ## Scale and financial position The 10-K filed February 25, 2026 reports revenue of $28.43 billion for 2025, against $25.51 billion for 2024. It reports net income of $1.16 billion for 2025. Cash provided by operations was $1.74 billion in 2025, against $1.77 billion in 2024. Research and development expense rose to $80.0 million in 2025 from $67.0 million in 2024. Year-end cash and cash equivalents were $199.0 million at the end of 2024. The 8-K also reports a separate share sale. On May 28, 2026, selling stockholders affiliated with Blackstone Inc., Hellman & Friedman LLC and a wholly owned subsidiary of the Abu Dhabi Investment Authority completed an underwritten public offering of 72,554,594 shares of Class A common stock at $37.00 per share, with an option for up to 10,883,189 more. Blackstone Securities Partners L.P. and TCG Capital Markets L.L.C. acted as underwriters and were deemed to have a conflict of interest under FINRA Rule 5121 because their affiliates each own more than 10% of the stock. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MDLN Medline Inc. 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Cite as: aibio.space, "Medline sells $1,250.0 million and $750.0 million in senior secured notes", 2026-05-28, https://aibio.space/news/medline-sells-1-250-0-million-750-0-million-senior-secured-notes/