Medline Inc. (NASDAQ: MDLN) completed a debt refinancing on May 28, 2026, issuing $2 billion in senior secured notes and establishing a new $2.75 billion term loan facility through its subsidiaries.

The company issued $1.25 billion of 5.000% senior secured notes due 2031 and $750 million of 5.250% senior secured notes due 2033. Concurrently, Medline refinanced its existing term loan facility with a new $2.75 billion senior secured term loan facility due 2033.

The proceeds were used to repay existing debt obligations, including the full repayment of a term loan facility due 2028, refinancing approximately $724 million of a 2030 term loan facility, and redeeming approximately $500 million of existing 6.250% senior secured notes due 2029.

The new notes are secured by substantially all assets of the issuers and guarantors on equal footing with existing secured debt. Interest on the 2031 notes accrues at 5.000% annually, while the 2033 notes carry a 5.250% rate, both payable semi-annually on June 15 and December 15.

The notes include standard redemption provisions allowing early repayment at the company's option, with make-whole provisions before specified dates. In the event of a change of control, the company must offer to repurchase the notes at 101% of principal plus accrued interest.

The new term loan facility matures on May 28, 2033, with quarterly amortization payments equal to 1.00% annually of the original principal amount. Interest rates are based on either a base rate or Term SOFR, with applicable margins. Voluntary prepayments within six months are subject to a 1.0% premium.

The refinancing maintains existing covenant structures while providing extended maturity dates for the company's debt obligations, according to the company's filing.