**Gilead Sciences, Inc.** has recently created a direct financial obligation by entering into a Tenth Supplemental Indenture on November 20, 2024. This agreement involves the issuance of several senior notes, including:

- **$750 million** of 4.80% Senior Notes due 2029
- **$1 billion** of 5.10% Senior Notes due 2035
- **$1 billion** of 5.50% Senior Notes due 2054
- **$750 million** of 5.60% Senior Notes due 2064

These notes were sold in a public offering under the company's Registration Statement on Form S-3. The proceeds from these notes are intended for general corporate purposes, which may include the repayment of existing debt. The issuance of these notes will increase the company's liabilities on its balance sheet, potentially affecting its financial health by increasing its debt obligations. However, the company has the option to redeem these notes at any time, which provides some flexibility in managing its financial commitments  **[0001104659-24-121025_tm2426602d4_8k.htm:2]** **[0001104659-24-121025_tm2426602d4_8k.htm:1]** .

**Super Micro Computer, Inc. (SMCI) has recently entered into significant financial agreements that may impact its financial health.**

On November 14, 2024, SMCI's subsidiary in Taiwan amended its credit agreements with E.SUN Bank. These amendments include financial commitments related to the current ratio, net debt ratio, and interest coverage multiple. Failure to meet these commitments could result in a shortened amortization period for current balances, potentially affecting the company's cash flow and financial stability  **[0001375365-24-000042_smci-20241114.htm:1]** .

Additionally, on November 15, 2024, SMCI entered into a Fourth Amendment to its Loan Agreement with Cathay Bank. This amendment reduces the revolving line and letter of credit sublimit to $458,000, which may limit the company's liquidity and financial flexibility  **[0001375365-24-000042_smci-20241114.htm:1]** .

These financial obligations and amendments could have significant implications for SMCI's balance sheet and overall financial health, depending on the company's ability to meet the specified financial commitments and manage its reduced credit facilities.

**Molina Healthcare, Inc. (MOH) has recently created a direct financial obligation** by completing a private offering of $750 million aggregate principal amount of 6.250% Senior Notes due 2033. This transaction was finalized on November 18, 2024, and the notes were issued under an indenture with U.S. Bank Trust Company, National Association, as trustee  **[0001437749-24-035619_moh20241116_8k.htm:3]** .

### Details of the Obligation:
- **Interest and Maturity**: The notes bear an interest rate of 6.250% per annum, payable semi-annually on January 15 and July 15, starting from July 15, 2025. The maturity date for these notes is January 15, 2033  **[0001437749-24-035619_moh20241116_8k.htm:3]** .
- **Ranking**: These notes are senior unsecured obligations, ranking equally with all existing and future senior debt and above all subordinated debt. They are structurally subordinated to all liabilities of the company's subsidiaries  **[0001437749-24-035619_moh20241116_8k.htm:3]** .
- **Use of Proceeds**: The net proceeds from this offering, approximately $740 million after deducting fees and expenses, are intended for general corporate purposes. This may include debt repayment, acquisitions, share repurchases, capital expenditures, and contributions to health plan subsidiaries  **[0001437749-24-035619_moh20241116_8k.htm:3]** .

### Potential Effects on Financial Health:
- **Balance Sheet Impact**: The issuance of these notes increases the company's long-term liabilities, which could affect leverage ratios and interest coverage metrics. However, the use of proceeds for strategic purposes like debt repayment and acquisitions could potentially enhance the company's financial position and operational capabilities.
- **Interest Obligations**: The semi-annual interest payments will require consistent cash flow management to meet these obligations without impacting operational liquidity  **[0001437749-24-035619_moh20241116_8k.htm:3]** .

This financial move reflects Molina Healthcare's strategy to leverage debt markets for capital to support its growth and operational needs while managing its financial structure effectively. The company's ability to meet these obligations will depend on its operational performance and cash flow generation over the coming years.

For more detailed information, you can refer to the full text of the indenture and related documents filed with the SEC  **[0001437749-24-035619_moh20241116_8k.htm:3]** .

**Carrier Global Corporation (CARR) Creates Direct Financial Obligation**

On November 8, 2024, Carrier Global Corporation (CARR) completed a private offering of €750,000,000 aggregate principal amount of 3.625% euro-denominated notes due 2037 (the “Notes”). The net proceeds from the sale of the Notes, along with cash on hand, were used to redeem the company’s 4.375% Notes due 2025 and to cover fees and expenses related to the offering  **[0000950142-24-002699_eh240553284_8k.htm:1]** .

### **Details of the Obligation**
- **Principal Amount**: €750,000,000
- **Interest Rate**: 3.625% per annum, payable annually on January 15, starting January 15, 2025
- **Maturity Date**: January 15, 2037
- **Redemption Terms**: Prior to October 15, 2036, the Notes can be redeemed at a “make-whole” premium plus accrued interest. On or after October 15, 2036, the Notes can be redeemed at 100% of the principal amount plus accrued interest  **[0000950142-24-002699_eh240553284_8k.htm:1]** .
- **Change of Control**: If a change of control triggering event occurs, holders can require the company to purchase the Notes at 101% of the principal amount plus accrued interest  **[0000950142-24-002699_eh240553284_8k.htm:1]** .

### **Potential Effects on Financial Health**
- **Debt Levels**: The issuance of the Notes increases Carrier’s long-term debt by €750,000,000, which could impact leverage ratios and interest coverage metrics.
- **Interest Expenses**: The annual interest expense associated with the Notes will be approximately €27,187,500, which will affect the company’s net income and cash flow  **[0000950142-24-002699_eh240553284_8k.htm:1]** .
- **Liquidity**: The redemption of the 4.375% Notes due 2025 will reduce short-term debt obligations, potentially improving liquidity in the near term  **[0000950142-24-002699_eh240553284_8k.htm:1]** .
- **Covenants**: The Indenture includes covenants that limit the creation of liens, consolidation, mergers, and sale-leaseback transactions, which could restrict the company’s operational flexibility  **[0000950142-24-002699_eh240553284_8k.htm:1]** .

This financial obligation is significant and will have various implications for Carrier’s balance sheet and overall financial health. It is important for stakeholders to monitor how the company manages this new debt and its impact on financial performance.


**Alert: BlackRock, Inc. Enters into a New Commercial Paper Program**

On November 7, 2024, BlackRock, Inc. established a new commercial paper program allowing the issuance of short-term, unsecured commercial paper notes up to $5 billion. This program replaces a previous $4 billion program and is guaranteed by BlackRock Finance, Inc., a wholly-owned subsidiary. The notes will have maturities of up to 397 days and will rank equally with other unsubordinated debt. The proceeds are intended for general corporate purposes, with a revolving credit facility as a liquidity backstop. This move could potentially increase BlackRock's financial obligations and affect its balance sheet by increasing short-term liabilities, though it also provides flexibility for managing liquidity  **[0001193125-24-254116_d819462d8k.htm:1]** .

**Waste Management, Inc. (WM)** has recently created a direct financial obligation by issuing $485,084,000 in aggregate principal amount of 3.875% Senior Notes due 2029. This issuance is part of a private offer to exchange outstanding notes from Stericycle, Inc., which WM acquired. The notes are fully and unconditionally guaranteed by WM's wholly-owned subsidiary, Waste Management Holdings, Inc.  **[0001104659-24-115866_tm2427884d1_8k.htm:3]** **[0001104659-24-115866_tm2427884d1_8k.htm:1]** .

### Potential Effects on Financial Health:
- **Balance Sheet Impact**: The issuance of these notes increases WM's liabilities, specifically long-term debt, which could affect leverage ratios and interest coverage metrics.
- **Interest Obligations**: The notes carry an interest rate of 3.875% per annum, which will require regular interest payments, impacting cash flow  **[0001104659-24-115866_tm2427884d1_8k.htm:3]** **[0001104659-24-115866_tm2427884d1_8k.htm:1]** .
- **Credit Rating Considerations**: The issuance and the associated guarantee might influence WM's credit ratings, depending on how rating agencies view the increased debt and the strategic rationale behind the acquisition and note exchange  **[0001104659-24-115866_tm2427884d1_8k.htm:3]** **[0001104659-24-115866_tm2427884d1_8k.htm:1]** .

This financial move is part of WM's broader strategy following its acquisition of Stericycle, aiming to streamline its financial obligations and potentially improve its financial flexibility by consolidating debt under more favorable terms  **[0001104659-24-115866_tm2427884d1_8k.htm:3]** **[0001104659-24-115866_tm2427884d1_8k.htm:1]** .

**Alert: POOL Corporation's New Financial Obligation**

POOL Corporation has recently created a direct financial obligation by entering into the Joinder and Amendment No. 13 to the Receivables Purchase Agreement. This amendment extends the facility termination date to October 30, 2026, and increases the maximum facility limit to $375.0 million during the months of April through May. The funding capacity ranges from $210.0 million to $350.0 million during the remaining months of the year  **[0000945841-24-000167_pool-20241105.htm:2]** .

**Potential Effects on Financial Health:**

- **Balance Sheet Impact:** The increase in the facility limit could enhance liquidity, allowing POOL Corporation to manage its receivables more effectively. However, it also increases the company's financial obligations, which could impact leverage ratios and interest expenses.

- **Financial Health:** While the extended facility provides more financial flexibility, it also requires careful management to ensure that the increased debt does not adversely affect the company's financial stability. The company must maintain adequate cash flows to meet these obligations without compromising its financial health.

This development is significant as it reflects POOL Corporation's strategic financial planning to support its operations and growth initiatives. Stakeholders should monitor how this obligation affects the company's financial metrics and overall performance in the coming quarters.

**Alert: Creation of a Direct Financial Obligation by Salesforce, Inc.**

On October 31, 2024, Salesforce, Inc. entered into a new Credit Agreement with a consortium of lenders, including Bank of America, N.A. as the administrative agent. This agreement establishes a $5.0 billion unsecured, multicurrency revolving credit facility with a term of five years. This facility replaces a previous $3.0 billion credit agreement that was set to mature in December 2025. The new facility allows Salesforce to borrow, repay, and reborrow loans in various currencies, including Dollars, Sterling, and Euros, subject to the terms of the agreement. The interest rates for borrowings are tied to the company's credit ratings and can fluctuate based on the chosen currency and rate benchmarks. This financial obligation could impact Salesforce's balance sheet by increasing its available credit and potentially affecting its leverage ratios, depending on the extent of its utilization  **[0001193125-24-251243_d854367d8k.htm:1]** .