STOCK TITAN

Viatris (NASDAQ: VTRS) signs ¥40B three-year unsecured term loan deal

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Viatris Inc. has entered into an amended and restated term loan credit agreement providing a senior unsecured term loan facility of ¥40,000,000,000. The company plans to use the funds for general corporate purposes, including repaying its prior ¥40,000,000,000 unsecured term loan facility dated July 1, 2021.

The new Term Loan Credit Facility initially bears interest at the TIBO Rate plus 1.10% per year, with the margin adjustable based on Viatris’ long-term unsecured debt ratings. It includes customary covenants and a financial covenant requiring a leverage ratio no greater than 3.75 to 1.00 at each quarter-end after closing.

The facility is guaranteed by certain subsidiaries and matures three years from the closing date, with amounts voluntarily prepayable at any time without penalty other than customary breakage costs.

Positive

  • None.

Negative

  • None.
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, and exhibit attachments filed with this report.
Term Loan Facility Size ¥40,000,000,000 Principal amount of senior unsecured term loan facility
Interest Margin TIBO Rate + 1.10% per annum Initial interest rate over TIBO for the facility
Leverage Covenant 3.75 to 1.00 Maximum leverage ratio required at each quarter-end
Maturity Three years from Closing Date Final due date for amounts borrowed under facility
Prior Facility Size ¥40,000,000,000 Outstanding obligations under 2021 unsecured term loan to be repaid
Amended and Restated Term Loan Credit Agreement financial
"entered into an amended and restated term loan credit agreement"
Term Loan Credit Facility financial
"provides for a ¥40,000,000,000 principal amount senior unsecured term loan facility"
A term loan credit facility is a formal borrowing arrangement from a bank or group of lenders that provides a company with a set amount of money to be repaid over a fixed period with interest, often in scheduled installments. For investors, it matters because it changes a company’s cash flow and debt load—similar to a mortgage for a business—affecting its ability to fund operations or growth, creditworthiness, and the risk that future earnings will be used to cover loan payments rather than returns to shareholders.
TIBO Rate financial
"will initially bear interest at the TIBO Rate plus 1.10% per annum"
leverage ratio financial
"requiring maintenance of a leverage ratio no greater than 3.75 to 1.00"
Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.
change in control financial
"including, among others, defaults related to payment failures, failure to comply with covenants, ... the occurrence of a “change in control”"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
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Learn about SEC filing dates

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 1, 2026

VIATRIS INC.
(Exact name of registrant as specified in its charter)



Delaware
(State or Other Jurisdiction of Incorporation)
001-39695
(Commission File Number)
83-4364296
(I.R.S. Employer Identification No.)

1000 Mylan Boulevard, Canonsburg, Pennsylvania, 15317
(Address of Principal Executive Offices)

(724) 514-1800
(Registrant’s telephone number, including area code)

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, par value $0.01 per share
 
VTRS
 
The NASDAQ Stock 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 1, 2026 (the “Closing Date”), Viatris Inc. (“Viatris”) entered into an amended and restated term loan credit agreement (the “Amended and Restated Term Loan Credit Agreement”), among Viatris, the guarantors from time to time party thereto, the lenders from time to time party thereto and Mizuho Bank, Ltd., as administrative agent.  The Amended and Restated Term Loan Credit Agreement provides for a ¥40,000,000,000 principal amount senior unsecured term loan facility (the “Term Loan Credit Facility”).

Proceeds from the Term Loan Credit Facility will be used for general lawful corporate purposes of Viatris and its subsidiaries, including, without limitation, to repay outstanding obligations under Viatris’ prior ¥40,000,000,000 unsecured term loan facility, dated as of July 1, 2021, among Viatris, the guarantors from time to time party thereto, the lenders from time to time party thereto and Mizuho Bank, Ltd., as administrative agent.

As of the Closing Date, the Term Loan Credit Facility will be guaranteed by Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V. and after the Closing Date, each other subsidiary of Viatris that guarantees (or is otherwise a co-obligor of) third party indebtedness in excess of $500,000,000 other than (i) any wholly owned subsidiary of Viatris which engages in no activities other than in connection with the financing of receivables of the receivables sellers and which is designated as a receivables entity by Viatris (“Receivables Entity”) and (ii) Upjohn Finance B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of the Netherlands (“Finco”), so long as it (a) does not hold (directly, and together with its subsidiaries) more than de minimis assets (other than (x) any intercompany notes or receivables that relate to the repayment of principal and interest of any indebtedness of Finco issued after June 16, 2020 and on or prior to the closing date of the Combination Transactions (as defined in the Amended and Restated Term Loan Credit Agreement) or (y) any proceeds from any indebtedness of Finco (so long as such proceeds are intended to be distributed to Viatris) or intercompany notes or receivables that relate to the distribution of such proceeds to Viatris), (b) generates more than de minimis Consolidated EBITDA (as defined in the Amended and Restated Term Loan Credit Agreement) and (c) does not at any time guarantee any third-party indebtedness of Viatris.

The Term Loan Credit Facility will initially bear interest at the TIBO Rate (determined in accordance with the Amended and Restated Term Loan Credit Agreement) plus 1.10% per annum.  The applicable margin over the TIBO Rate for the Term Loan Credit Facility can fluctuate based on the long-term unsecured senior, non-credit enhanced debt rating of Viatris by S&P Global Ratings, Moody’s Investors Service, Inc. and Fitch Ratings, Inc.

The Amended and Restated Term Loan Credit Agreement contains customary affirmative covenants for facilities of this type, including among others, covenants pertaining to the delivery of financial statements, notices of default and certain material events, maintenance of corporate existence and rights, property, and insurance and compliance with laws, as well as customary negative covenants for facilities of this type, including limitations on the incurrence of subsidiary indebtedness, liens, mergers and certain other fundamental changes, investments and loans, acquisitions, transactions with affiliates, payments of dividends and other restricted payments and changes in Viatris’ lines of business.  The Amended and Restated Term Loan Credit Agreement contains a financial covenant requiring maintenance of a leverage ratio no greater than 3.75 to 1.00 as of the last day of each fiscal quarter ending after the Closing Date.


The Amended and Restated Term Loan Credit Agreement contains default provisions customary for facilities of this type, which are subject to customary grace periods and materiality thresholds, including, among others, defaults related to payment failures, failure to comply with covenants, material misrepresentations, defaults under other material indebtedness, the occurrence of a “change in control”, bankruptcy and related events, material judgments, certain events related to pension plans and the invalidity or revocation of any loan document or any guarantee agreement of Viatris or any subsidiary that becomes a guarantor as described above.  If an event of default occurs under the Amended and Restated Term Loan Credit Agreement, the lenders may, among other things, declare immediately payable all borrowings. The default provisions in the Amended and Restated Term Loan Credit Agreement are applicable only from and after the Closing Date. Amounts borrowed under the Term Loan Credit Facility become due and payable on the date that is three years from the Closing Date.  Amounts borrowed under the Term Loan Credit Facility may be voluntarily prepaid without penalty or premium, other than customary breakage costs.

The foregoing summary of the Amended and Restated Term Loan Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amended and Restated Term Loan Credit Agreement, which is attached hereto as Exhibit 10.1 and is 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 set forth in Item 1.01 of this Current Report on Form 8-K with respect to the Amended and Restated Term Loan Credit Agreement is hereby incorporated by reference into this Item 2.03 of this Current Report on Form 8-K insofar as it relates to the creation of a direct financial obligation of Viatris.

Item 9.01
Financial Statements and Exhibits.

(d)
Exhibits.

Exhibit No.
Description
   
10.1
Amended and Restated Term Loan Credit Agreement, dated as of July 1, 2026, among Viatris, the guarantors from time to time party thereto, the lenders from time to time party thereto and Mizuho Bank, Ltd., as administrative agent.*
   
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

*Annexes, schedules and/or exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K.  Viatris agrees to furnish supplementally a copy of any omitted attachment to the SEC on a confidential basis upon request.


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.

 
VIATRIS INC.
     
Date: July 1, 2026
By:
/s/ Matthew J. Maletta
   
Matthew J. Maletta
Chief Legal Officer



FAQ

What new credit facility did Viatris (VTRS) enter on July 1, 2026?

Viatris entered a senior unsecured term loan credit facility of ¥40,000,000,000. This amended and restated agreement replaces a prior facility and provides multi-year funding capacity under negotiated terms with Mizuho Bank and a syndicate of lenders.

How will Viatris (VTRS) use the ¥40,000,000,000 term loan proceeds?

Viatris plans to use the term loan proceeds for general lawful corporate purposes, including repaying outstanding obligations under its prior ¥40,000,000,000 unsecured term loan facility. This effectively refinances existing debt while maintaining access to similar-sized funding.

What interest rate applies to Viatris’ new term loan facility?

The term loan initially bears interest at the TIBO Rate plus 1.10% per annum. The applicable margin over the TIBO Rate can fluctuate based on Viatris’ long-term unsecured senior, non-credit enhanced debt ratings from major rating agencies.

What leverage covenant is included in Viatris’ amended term loan agreement?

The agreement includes a financial covenant requiring a leverage ratio no greater than 3.75 to 1.00 as of the last day of each fiscal quarter after the closing date. This covenant helps ensure Viatris maintains a defined balance between its debt and earnings.

When does Viatris’ ¥40,000,000,000 term loan facility mature?

Amounts borrowed under the Term Loan Credit Facility become due and payable on the date that is three years from the closing date. The company may voluntarily prepay borrowings at any time without penalty, other than customary breakage costs.

Which subsidiaries guarantee Viatris’ new term loan facility?

As of the closing date, the facility is guaranteed by Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V. Additional subsidiaries that guarantee significant third-party indebtedness may also become guarantors, subject to specified exceptions such as certain receivables entities and Upjohn Finance B.V.

Filing Exhibits & Attachments

4 documents