v3.26.1
Debt
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt
8. DEBT
Indebtedness as of March 31, 2026 and 2025 was as follows:
(in millions)March 31,
2026		March 31,
2025
Short-term debt
Private Placement Senior Notes118.9 125.0 
Total short-term debt$118.9 $125.0 
Long-term debt
Private Placement Senior Notes$438.9 $549.2 
Revolving Credit Facility37.8 34.8 
Deferred financing costs(13.8)(15.3)
Senior Public Notes 1,350.0 1,350.0 
Total long-term debt$1,812.8 $1,918.7 
Total debt$1,931.7 $2,043.7 
Revolving Credit Facility
On October 7, 2024, STERIS plc (“Parent”), STERIS Corporation ("Corporation"), STERIS Limited ("Limited"), and STERIS Irish FinCo Unlimited Company (“FinCo”), each as a borrower and guarantor, entered into a credit agreement with various financial institutions as lenders, and JPMorgan Chase Bank, N.A., as administrative agent (the “Revolving Credit Agreement”) providing for a $1,100.0 million revolving credit facility (the “Revolving Credit Facility”), which replaced a prior credit agreement, dated as of March 19, 2021.
The Revolving Credit Agreement provides for revolving credit borrowings, swing line borrowings and letters of credit, with sublimits for swing line borrowings and letters of credit. The Revolving Credit Agreement may be increased in specified circumstances by up to $625.0 million in the discretion of the lenders. The Revolving Credit Agreement matures on the date that is five years after October 7, 2024, and all unpaid borrowings, together with accrued and unpaid interest thereon, are repayable on that date. The Revolving Credit Facility bears interest from time to time, at either the Base Rate or the Relevant Rate, as defined in and calculated under and as in effect from time to time under the Revolving Credit Agreement, plus the Applicable Margin, as defined in the Revolving Credit Agreement. The Applicable Margin is determined based on the Debt Rating of Parent, as defined in the Revolving Credit Agreement. Base Rate Advances are payable quarterly in arrears and Term Benchmark Advances are payable at the end of the relevant interest period therefor, but in no event less frequently than every three months. Swingline borrowings bear interest at a rate to be agreed by the applicable swingline lender and the applicable borrower, subject to a cap in the case of swingline borrowings denominated in U.S. Dollars equal to the Base Rate plus the Applicable Margin for Base Rate Advances plus the Facility Fee. There is no premium or penalty for prepayment of Base Rate Advances, but prepayments of Term Benchmark Advances are generally subject to a breakage fee. Advances may be extended
in U.S. Dollars or in specified alternative currencies (“Alternative Currency Advances”). Alternative Currency Advances are limited in the aggregate to the equivalent of $625.0 million.
As of March 31, 2026 a total of $37.8 million of borrowings were outstanding under the Revolving Credit Facility.
Senior Public Notes
On April 1, 2021, FinCo completed an offering of $1,350.0 million in aggregate principal amount, of its senior notes in two separate tranches: (i) $675.0 million aggregate principal amount of FinCo’s 2.700% Senior Notes due 2031 (the “2031 Notes”) and (ii) $675.0 million aggregate principal amount of FinCo’s 3.750% Senior Notes due 2051 (the “2051 Notes” and, together with the 2031 Notes, the “Senior Public Notes”). The Senior Public Notes were issued pursuant to an Indenture, dated as of April 1, 2021, among FinCo, as the issuer, Parent, Corporation and Limited (together Parent, Corporation and Limited, the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of April 1, 2021, among FinCo, the Guarantors and the Trustee. Each of the Guarantors guaranteed the Senior Public Notes jointly and severally on a senior unsecured basis. The 2031 Notes will mature on March 15, 2031 and the 2051 Notes will mature on March 15, 2051. The Senior Public Notes will bear interest at the rates set forth above. Interest on the Senior Public Notes is payable on March 15 and September 15 of each year until their respective maturities.
Private Placement Senior Notes
Our outstanding Private Placement Senior Notes at March 31, 2026 and 2025 were as follows:
(in millions)Applicable Note Purchase AgreementMaturity DateU.S. Dollar Value at March 31, 2026U.S. Dollar Value at March 31, 2025
$25,000 Senior notes at 3.55%
2012 Private Placement
December 2027$25.0 $25.0 
$125,000 Senior notes at 3.45%
2015 Private Placement
May 2025— 125.0 
$125,000 Senior notes at 3.55%
2015 Private Placement
May 2027125.0 125.0 
$100,000 Senior notes at 3.70%
2015 Private Placement
May 2030100.0 100.0 
$50,000 Senior notes at 3.93%
2017 Private Placement
February 202750.0 50.0 
€60,000 Senior notes at 1.86%
2017 Private Placement
February 202768.9 65.0 
$45,000 Senior notes at 4.03%
2017 Private Placement
February 202945.0 45.0 
€20,000 Senior notes at 2.04%
2017 Private Placement
February 202923.0 21.7 
£45,000 Senior notes at 3.04%
2017 Private Placement
February 202959.5 58.2 
€19,000 Senior notes at 2.30%
2017 Private Placement
February 203221.8 20.6 
£30,000 Senior notes at 3.17%
2017 Private Placement
February 203239.7 38.8 
Total Private Placement Senior Notes$557.8 $674.2 
On February 27, 2017, Limited issued and sold an aggregate principal amount of $95.0 million, €99.0 million, and £75.0 million, of senior notes (collectively, the “2017 senior notes”) in a private placement to certain institutional investors in an offering that was exempt from the registration requirements of the Securities Act of 1933. These notes have maturities of between 10 years and 15 years from the issue date. The agreement governing these notes contains leverage and interest coverage covenants.
On May 15, 2015, Corporation issued and sold $350.0 million of senior notes (the "2015 senior notes"), in a private placement to certain institutional investors in an offering that was exempt from the registration requirements of the Securities Act of 1933. These notes have maturities of 10 years to 15 years from the issue date. The agreement governing these notes contains leverage and interest coverage covenants.
In December 2012, and in February 2013 Corporation issued and sold $200.0 million of senior notes (collectively, the "2012 senior notes"), in a private placement to certain institutional investors in offerings that were exempt from the registration requirements of the Securities Act of 1933. The agreement governing the notes contains leverage and interest coverage covenants.
On March 19, 2021, Corporation as issuer, and Parent, Limited and FinCo, as guarantors, entered into (1) a First Amendment to Amended and Restated Note Purchase Agreement dated March 5, 2019 (which had amended and restated certain note purchase agreements originally dated December 4, 2012) for the 2012 senior notes (the “2012 Amendment”), and
(2) a First Amendment to Amended and Restated Note Purchase Agreement dated March 5, 2019 (which had amended and restated certain note purchase agreements originally dated March 31, 2015) for the 2015 senior notes (the “2015 Amendment”). Also on March 19, 2021, Limited, as issuer, and Parent, Corporation and FinCo, as guarantors, entered into a First Amendment to Amended and Restated Note Purchase Agreement dated March 5, 2019 (which had amended and restated a certain note purchase agreement originally dated January 23, 2017) for the 2017 senior notes (together with the 2012 Amendment and the 2015 Amendment, the “NPA Amendments”). The NPA Amendments provided, among other things, for the waiver of certain repurchase rights of the note holders and increased the size of certain baskets to more closely align with other current credit agreement baskets.
At March 31, 2026, we were in compliance with all financial covenants associated with our indebtedness.
The combined annual aggregate amount of maturities of our outstanding debt by fiscal year is as follows:
(in millions)
2027$118.9 
2028150.0 
2029127.5 
203037.8 
2031 and thereafter1,511.5 
Total$1,945.6 
Supplemental cash flow information related to debt is as follows::
(in millions)
Years Ended March 31,202620252024
Cash paid during the year for interest$64.7 $89.4 $142.2