The Sherwin-Williams Company entered into a new 364-day senior unsecured Term Loan Credit Agreement on September 24, 2026. The agreement, titled the New Credit Agreement, was executed with a group of lenders and Citibank, N.A., acting as the administrative agent.
The New Credit Agreement provides for a principal amount of $750 million in U.S. dollar-denominated senior unsecured term loans. These loans are scheduled to mature on September 23, 2027. The company has repaid and terminated its previous 364-day senior unsecured delayed draw Term Loan Credit Agreement dated August 8, 2025, in connection with this new agreement.
Proceeds from the new loan are intended to refinance the previous agreement and fund general corporate purposes, including working capital requirements. The New Credit Agreement includes standard financial covenants and events of default. A key financial covenant limits the company’s consolidated leverage ratio to 3.75 to 1.00 as of the last day of any fiscal quarter. However, the agreement allows Sherwin-Williams to temporarily increase this ratio to 4.25 to 1.00 for four consecutive fiscal quarters following the consummation of a Qualifying Acquisition, subject to customary conditions.
Separately, on the same date, SW Luxembourg entered into a new EUR-denominated Term Loan Agreement with ING Bank N.V. This agreement provides for a €100 million term loan to SW Luxembourg, maturing on September 23, 2027. This maturity date may be extended by up to two additional six-month periods at SW Luxembourg’s election. The obligations of SW Luxembourg under this agreement are guaranteed by The Sherwin-Williams Company.
