Analog Devices sets $3.0B 364-day credit facility

Analog Devices sets $3.0B 364-day credit facility

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FAQ

Filing Exhibits & Attachments

Rhea-AI Filing Summary

Q: When does Analog Devices’ new revolving credit facility mature?

Q: What interest rates apply under Analog Devices’ 2026 Revolving Credit Agreement?

Q: In which currencies can Analog Devices borrow under its 2026 Revolving Credit Agreement?

Q: What happens to Analog Devices’ loans at the initial maturity of the revolving facility?

8-K Event Classification

Key Figures

Key Terms

What is the size of Analog Devices (ADI) new revolving credit facility?

When does Analog Devices’ new revolving credit facility mature?

What interest rates apply under Analog Devices’ 2026 Revolving Credit Agreement?

What financial covenant is included in Analog Devices’ new credit facility?

Can Analog Devices’ foreign subsidiaries borrow under the new revolving credit facility?

In which currencies can Analog Devices borrow under its 2026 Revolving Credit Agreement?

What happens to Analog Devices’ loans at the initial maturity of the revolving facility?

Positive

Negative

Agreements & Contracts

The revolving credit facility initially expires on July 1, 2027. Before each annual anniversary of the closing date, Analog Devices may request a one-year extension of the maturity date, subject to lender consent, allowing the structure to be rolled forward over time.

Loans under the agreement may bear interest based on Term SOFR plus a margin of 0.48%–0.925%, depending on Analog Devices’ debt ratings, or on a Base Rate. The company also pays a facility fee of 0.020%–0.075% on committed amounts.

The agreement includes a multicurrency feature permitting borrowings in U.S. dollars, euros, pounds sterling and other approved currencies. This structure allows Analog Devices to align borrowings more closely with its operating and financing needs in different currency regions.

No less than three business days before the July 1, 2027 initial maturity date, Analog Devices may elect to convert all or part of outstanding revolving loans into a non-amortizing term loan due one year later, subject to conditions and a 0.50% conversion fee.

Analog Devices, Inc. entered into a new Revolving Credit Agreement providing a 364-day revolving credit facility with aggregate commitments of up to $3.0 billion.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Analog Devices, Inc. entered into a new Revolving Credit Agreement providing a 364-day revolving credit facility with aggregate commitments of up to $3.0 billion. The facility initially expires on July 1, 2027, with potential one-year extensions on each annual anniversary, subject to lender consent.

The company may borrow, repay and reborrow amounts in multiple currencies, including U.S. dollars, euros and pounds sterling, and may designate certain foreign subsidiaries as additional borrowers, whose obligations it will guarantee. Interest may be based on Term SOFR plus a margin of 0.48%–0.925% or on a Base Rate, and a facility fee of 0.020%–0.075% applies on committed amounts.

The agreement includes customary covenants, events of default and limitations on liens and mergers. It also requires the company to maintain a consolidated EBITDA to consolidated interest coverage ratio of at least 3.00 to 1.00 starting with the first fiscal quarter ending after the closing date.

Analog Devices adds a sizable short-term credit facility with standard covenants.

Analog Devices has arranged a 364-day revolving credit facility of up to $3.0 billion. This provides committed lender capacity the company can draw, repay and redraw in several major currencies, with interest tied to Term SOFR or a Base Rate plus ratings-based margins.

The facility is expandable in time through annual one-year extensions, if lenders consent, and offers an option to convert outstanding borrowings at the initial maturity into a one-year, non‑amortizing term loan for a 0.50% conversion fee. These structural features support ongoing access to committed bank funding rather than a one‑off loan.

Covenants are typical for investment‑grade borrowers, including limits on liens and fundamental changes and a minimum consolidated EBITDA to interest coverage ratio of 3.00 to 1.00. Future company disclosures may clarify how actively this facility is utilized relative to other funding sources.

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Revolving credit facility size: $3.0 billion Initial maturity date: July 1, 2027 Term SOFR margin range: 0.48%–0.925% +3 more

6 metrics

Revolving credit facility size $3.0 billion Aggregate principal commitments under 364-day facility

Initial maturity date July 1, 2027 Initial expiration of revolving credit facility

Term SOFR margin range 0.48%–0.925% Interest margin over Term SOFR based on debt ratings

Facility fee range 0.020%–0.075% Annual fee on daily committed amounts based on debt ratings

Interest coverage covenant 3.00 to 1.00 Minimum consolidated EBITDA to consolidated interest charges ratio

Conversion fee 0.50% Fee on principal amount converted to one-year term loan

Revolving Credit Agreement, Revolving Credit Facility, Term SOFR, Base Rate Loan, +2 more

6 terms

Revolving Credit Agreement financial

"On July 2, 2026, Analog Devices, Inc. entered into a Credit Agreement (the “Revolving Credit Agreement”)"

A revolving credit agreement is a flexible loan arrangement where a borrower can borrow, repay, and borrow again up to a set limit, similar to a credit card. It matters because it gives businesses or individuals quick access to funds whenever needed, helping manage cash flow and cover expenses without applying for a new loan each time.

Revolving Credit Facility financial

"provides for a 364-day revolving credit facility (“Revolving Credit Facility”) in an aggregate principal amount"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

Term SOFR financial

"Loans under the Revolving Credit Agreement may bear interest based on Term SOFR, Base Rate or specified alternative currency benchmark rates."

Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.

Base Rate Loan financial

"Each Base Rate Loan will bear interest at a rate per annum equal to the Base Rate."

consolidated EBITDA financial

"the Company maintain a ratio of consolidated EBITDA to consolidated interest charges of no less than 3.00 to 1.00"

Consolidated EBITDA is a measure of a parent company’s total operating earnings across all its subsidiaries, calculated before interest, taxes, depreciation and amortization (non‑cash charges). It shows the group’s raw cash‑generation and operating performance independent of financing and accounting choices, so investors use it like comparing the horsepower of an entire fleet rather than individual cars to judge core profitability and to compare firms on a more even footing.

change of control financial

"events of default include, among others, nonpayment of principal, interest, fees or other amounts ... or the occurrence of a change of control."

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Analog Devices arranged a 364-day revolving credit facility with aggregate commitments up to $3.0 billion. The company can borrow, repay, and reborrow within this limit before maturity, using it as a flexible source of short-term bank funding across approved currencies.

The revolving credit facility initially expires on July 1, 2027. Before each annual anniversary of the closing date, Analog Devices may request a one-year extension of the maturity date, subject to lender consent, allowing the structure to be rolled forward over time.

Loans under the agreement may bear interest based on Term SOFR plus a margin of 0.48%–0.925%, depending on Analog Devices’ debt ratings, or on a Base Rate. The company also pays a facility fee of 0.020%–0.075% on committed amounts.

The Revolving Credit Agreement requires Analog Devices to maintain a ratio of consolidated EBITDA to consolidated interest charges of at least 3.00 to 1.00. This test applies for any fiscal quarter ending after the first quarter following the closing date of the agreement.

Yes. Subject to conditions in the Revolving Credit Agreement, Analog Devices may designate certain foreign subsidiaries as Designated Borrowers. The company will guarantee their obligations, allowing those subsidiaries to access the shared revolving commitments for their own borrowing needs.

The agreement includes a multicurrency feature permitting borrowings in U.S. dollars, euros, pounds sterling and other approved currencies. This structure allows Analog Devices to align borrowings more closely with its operating and financing needs in different currency regions.

No less than three business days before the July 1, 2027 initial maturity date, Analog Devices may elect to convert all or part of outstanding revolving loans into a non-amortizing term loan due one year later, subject to conditions and a 0.50% conversion fee.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2026 - 04:05 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 2, 2026

Analog Devices, Inc.

(Exact name of Registrant as Specified in its Charter)

Massachusetts

1-7819

04-2348234

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

One Analog Way

Wilmington, MA

01887

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (781) 329-4700

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $0.16 2/3 par value per share	ADI	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01.

Entry into a Material Definitive Agreement

On July 2, 2026, Analog Devices, Inc. (the “Company”) entered into a Credit Agreement (the “Revolving Credit Agreement”) among the Company, certain subsidiaries of the Company from time to time party thereto as Designated Borrowers, Bank of America, N.A., as Administrative Agent, the several banks and other financial institutions from time to time parties thereto as lenders, Citibank, N.A., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Barclays Bank PLC and BNP Paribas Securities Corp., as co-documentation agents, and BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Barclays Bank PLC and BNP Paribas Securities Corp., as joint lead arrangers and joint bookrunners. The Revolving Credit Agreement, provides for a 364-day revolving credit facility (“Revolving Credit Facility”) in an aggregate principal amount not to exceed $3.0 billion. Terms used in this Item 1.01 and not defined herein shall have the meanings ascribed to them in the Revolving Credit Agreement, which is attached to this Form 8-K as Exhibit 10.1.

The Revolving Credit Facility expires on July 1, 2027 (the “Initial Maturity Date”). In advance of each annual anniversary of the Closing Date, the Revolving Credit Agreement may be extended for an additional year from the maturity date then in effect at the request of the Company and with the consent of the lenders with no limit on the number of such extension requests. Additionally, the Company may, no less than three business days prior to the Initial Maturity Date, opt to convert all or a portion of the then outstanding loans under the Revolving Credit Facility to a non-amortizing term loan that will be due upon the one year anniversary of the Initial Maturity Date, subject to specified conditions and a fee equal to 0.50% of the principal amount of loans so converted. Borrowings under the Revolving Credit Agreement are prepayable at the Company’s option in whole or in part without premium or penalty, subject to reimbursement of the Lenders’ breakage and redeployment costs. Voluntary reductions of the unutilized portion of the commitments under the Revolving Credit Facility are similarly permissible without penalty. In addition, amounts borrowed under the Revolving Credit Agreement may be repaid and reborrowed from time to time prior to the maturity date.

The Company may not request increases in the lending commitments under the Revolving Credit Agreement. Furthermore, the Company has the right, subject to certain conditions set forth in the Revolving Credit Agreement, to designate certain foreign subsidiaries of the Company as borrowers under the Revolving Credit Facility. In connection with any such designation, the Company will guarantee the obligations of each subsidiary that is named as Designated Borrower under the Revolving Credit Agreement.

Loans under the Revolving Credit Agreement may bear interest based on Term SOFR, Base Rate or specified alternative currency benchmark rates. Each Term SOFR Loan will bear interest at a rate per annum equal to the applicable Term SOFR plus a margin based on the Company’s Debt Ratings from time to time of between 0.48% and 0.925%. Each Base Rate Loan will bear interest at a rate per annum equal to the Base Rate. In addition, the Company has agreed to pay a facility fee based on the Company’s Debt Ratings from time to time, at a rate per annum of between 0.020% and 0.075% times the actual daily amount of the Commitments in effect. The Revolving Credit Agreement includes a multicurrency borrowing feature permitting borrowings in U.S. dollars, euros, pounds sterling and certain other approved currencies.

The Revolving Credit Agreement contains customary representations and warranties, and affirmative and negative covenants and events of default applicable to the Company and its subsidiaries. The events of default include, among others, nonpayment of principal, interest, fees or other amounts, failure to perform certain covenants, cross-defaults to certain other indebtedness, insolvency or bankruptcy, customary ERISA defaults or the occurrence of a change of control. The negative covenants include limitations on liens and mergers and other fundamental changes, among others. The Revolving Credit Agreement also requires that, commencing with the first fiscal quarter ending after the Closing Date, the Company maintain a ratio of consolidated EBITDA to consolidated interest charges of no less than 3.00 to 1.00 for any fiscal quarter ending thereafter.

In the ordinary course of their respective businesses, certain of the lenders and the other parties to the Revolving Credit Agreement and their respective affiliates have engaged, and may in the future engage, in commercial banking, investment banking, financial advisory or other services with the Company and its affiliates for which they have in the past received, and/or may in the future receive, customary compensation and expense reimbursement.

The foregoing description of the Revolving Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Revolving Credit Agreement, which is filed as Exhibit 10.1, and incorporated herein by reference.

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01.

Financial Statements and Exhibits

(d)

Exhibits


Exhibit No.		Description

10.1		Credit Agreement, dated as of July 2, 2026, among Analog Devices, Inc., as Borrower, Bank of America, N.A. as Administrative Agent, and each lender from time to time party thereto.

104		Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURE

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.

Source: View Original Filing on SEC EDGAR

4 documents

EX-10.1 EX-10.1 939.8 KB

Date: July 2, 2026

ANALOG DEVICES, INC.

/s/ Janene I. Asgeirsson

Janene I. Asgeirsson

Senior Vice President, Chief Legal Officer and Corporate Secretary