Term Loan Repayment Drives Envista’s $430 Million Senior Note Sale

Envista Holdings Corporation (NVST ) said in a November 10, 2026 announcement that it had priced $430 million of 6.250% senior notes due 2033 at 99.482% of principal.

The company expects the offering to close on or about November 24, 2026, subject to customary closing conditions, and intends to use the net proceeds to repay its U.S. dollar term loan A facility and related fees, premiums, expenses and costs, with any balance for general corporate purposes. J.P. Morgan Securities, BofA Securities and Wells Fargo Securities are acting as active bookrunners.

Refinancing the 2028 Term Loan

The preliminary prospectus supplement puts the targeted 2028 Term Loan’s outstanding balance at $430 million on October 2, 2026, matching the principal amount of the new notes. The loan matures on August 31, 2028 and carried a 5.25% annual interest rate on October 2. Net proceeds together with cash on hand are intended to fund the repayment.

The notes’ 6.250% coupon is one percentage point above the loan’s October 2 rate, calculated from the two disclosed rates. That comparison is between a fixed note coupon and a variable loan rate measured on the earlier date, not a measure of the refinancing’s total cost. If completed, the repayment would replace a bank obligation due in 2028 with notes due in 2033.

As of October 2, Envista had approximately $1.4 billion of aggregate principal debt outstanding, including approximately $0.9 billion subject to variable interest rates, so the planned repayment would address only part of its debt stack. Its third-quarter Form 10-Q also reports $1.16 billion of cash and cash equivalents at that date and details the variable-rate terms of its bank borrowings.

Replacement Bank Facilities Remain Conditional

Concurrently with the notes closing, Envista expects to enter a credit agreement establishing a five-year €350 million senior unsecured term loan facility and a five-year $750 million senior unsecured multicurrency revolving credit facility. Wells Fargo Bank, N.A. would serve as administrative agent. The facilities would refinance and replace in full the existing euro term loan and revolver of the same respective sizes.

The prospectus says the credit agreement had not been finalized and was subject to market conditions, meaning it might not be completed on the described terms or timetable, or at all. Repayment of the 2028 Term Loan is contingent on the notes offering closing.

Noteholder Ranking and Repurchase Terms

Under the preliminary terms, the notes would be Envista’s senior unsecured obligations and rank equally with its other senior unsecured obligations, including its 1.75% convertible notes due 2028. Subsidiaries would not guarantee the notes, making them structurally subordinated to subsidiary liabilities, including trade payables.

If a defined change-of-control triggering event occurs, Envista would be required to offer to repurchase the notes at 101% of principal plus accrued and unpaid interest, unless it had exercised its redemption option. The notes have no established trading market, and Envista does not intend to list them on a securities exchange.

For this portion of Envista’s borrowing, the planned transaction would exchange a nearer-term variable-rate bank loan for longer-dated fixed-rate notes with a higher stated coupon. Completing the note sale and finalizing the separate bank agreement remain the decisive steps in putting the full refinancing plan into effect.