Healthcare Distribution Giant Secures Billions in Credit Facilities

McKesson Corporation (NYSE: MCK), a leading U.S. healthcare distributor, on April 1 arranged through its subsidiary McKesson Medical-Surgical Top Holdings a $2.0 billion (approximately KRW 2.8 trillion) senior secured term loan and revolving credit facility.

Led by JPMorgan Chase, the financing package comprises a $750 million A-1 term loan, a $250 million A-2 term loan and a $1.0 billion revolving credit line (including letters of credit and a swingline loan). Proceeds are designated for transaction-related funding, working capital and general corporate purposes.

The credit agreement includes customary financial and operational covenants, events of default, and a security and guarantee structure. Certain borrowings under the term loans mature in 2028 and the remainder in 2031, as disclosed in the company’s SEC filings.

On April 24, McKesson entered into a new $5.0 billion unsecured revolving credit facility—led by Bank of America—to replace its existing revolver and extend the maturity date to April 2031.

In its third-quarter fiscal 2026 earnings release, the company raised its full-year adjusted earnings-per-share guidance and announced the date for its fourth-quarter results and plans for upcoming investor conferences, continuing a series of disclosures on financial performance and liquidity.

McKesson is one of North America’s largest pharmaceutical distributors and healthcare services firms, responsible for roughly one-third of all U.S. prescription drug distribution. The company supplies pharmaceuticals, medical-surgical products and health-IT solutions to hospitals, pharmacies and government agencies.

The U.S. drug-distribution industry is an oligopoly dominated by a small number of major players—McKesson, Cardinal Health and Cencora—and is recognized as a capital-intensive sector that relies on large revolving credit facilities and bond issuances to manage inventory and supply chains.