Henry Schein Enhances Liquidity Position With New Credit Facility Totaling $700 Million

Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical professionals, today announced that it has closed on a new credit facility totaling $700 million, with JP Morgan Securities LLC and U.S. Bank NA serving as Joint Lead Arrangers.

The new facility represents $700 million in committed financing that increases and replaces $200 million in uncommitted financing from the same lenders. The Company’s liquidity position now totals $1.7 billion.

The breakdown of the new financing is as follows: a $500 million, 364-day term loan, and a $200 million, 364-day revolving credit facility. Henry Schein also amended its existing $750 million revolving credit facility, most notably to include the temporary amendment of the Company’s covenant calculation to reflect Net Debt instead of Gross Debt, as well as an increase in the maximum leverage allowed under the covenant to 3.75x earnings before interest, tax, depreciation, and amortization. The amended facility matures in April 2022.

“The new financing, along with our amended existing facility, increases our financial flexibility at a critical moment in the global economy,” said Steven Paladino, Executive Vice President and Chief Financial Officer of Henry Schein. “These facilities support our effort to navigate the emerging challenges related to the COVID-19 outbreak while also helping to position Henry Schein for future growth and success.”

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With more than 19,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that improve operational success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional healthcare clinics, as well as other alternate care sites.

Henry Schein operates through a centralized and automated distribution network, with a selection of more than 120,000 branded products and Henry Schein private-brand products in stock, as well as more than 180,000 additional products available as special-order items.

A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 31 countries. The Company's sales from continuing operations reached $10.0 billion in 2019, and have grown at a compound annual rate of approximately 13 percent since Henry Schein became a public company in 1995.

For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, and @HenrySchein on Twitter.

Contacts

Investors

Steven Paladino
Executive Vice President and Chief Financial Officer
steven.paladino@henryschein.com
(631) 843-5500

Carolynne Borders
Vice President, Investor Relations
carolynne.borders@henryschein.com
(631) 390-8105

Media

Ann Marie Gothard, Vice President, Global Corporate Media Relations,
Annmarie.gothard@henryschein.com
(631) 390-8169