Executive Brief

Option Care Health, Inc. entered into a Fourth Amendment to its Amended and Restated First Lien Credit Agreement on September 22, 2025 (Item 1.01).
The Amendment refinances existing term loans with a new class bearing interest at Term SOFR + 1.75%, maturing seven years from the Amendment date (Item 1.01).
Incremental term loans of approximately $49.64 million were added at the same interest rate and maturity (Item 1.01).
The maturity date of revolving credit commitments was extended to the fifth anniversary of the Amendment date, with a springing maturity clause linked to Unsecured Notes repayment (Item 1.01).
Post-Amendment, the principal amount of First Lien Term Loan indebtedness is approximately $678 million (Item 1.01).
The Amendment involves multiple lenders including 2025 Refinancing Term Lenders, Incremental Term Lenders, Extending Revolving Credit Lenders, and Bank of America as administrative agent (Item 1.01).
The Amendment is incorporated by reference into Item 2.03 as a creation of a direct financial obligation (Item 2.03).
The full Amendment text is filed as Exhibit 10.1 (Item 9.01).
No new financial guidance, officer changes, or other Items were disclosed.
Key risk to monitor: impact of extended maturities and incremental debt on liquidity and covenant compliance.

Item-by-Item Analysis

What happened: Option Care Health entered into the Fourth Amendment to its Amended and Restated First Lien Credit Agreement on September 22, 2025.
Parties/terms:
- Borrower: Option Care Health, Inc. and certain subsidiaries.
- Lenders: 2025 Refinancing Term Lenders, 2025 Incremental Term Lenders, Extending Revolving Credit Lenders.
- Administrative Agent: Bank of America, N.A.
- Refinanced existing term loans with new term loans bearing interest at Term SOFR + 1.75%.
- Maturity: Seven years from the Amendment effective date.
- Incremental term loans: $49,639,386.20 at same interest rate and maturity.
- Revolving credit commitments maturity extended to fifth anniversary of Amendment date, with springing maturity 91 days prior to Unsecured Notes maturity if any remain unpaid.
- Post-Amendment principal amount of First Lien Term Loan indebtedness: approx. $678,000,000.
Conditions/closing: Not detailed beyond effective date of September 22, 2025.
Source: (Item 1.01, paras 1-4), (Exhibit 10.1).

What happened: The Amendment described in Item 1.01 creates new direct financial obligations.
Source: Incorporated by reference from Item 1.01.

Exhibit 10.1: Fourth Amendment to Amended and Restated First Lien Credit Agreement dated September 22, 2025.
Source: (Item 9.01), (Exhibit 10.1).

Exhibit 10.1: Full text of the Fourth Amendment detailing refinancing terms, incremental loans, maturity extensions, and parties involved.

Amendment effective date: September 22, 2025.
Revolving credit maturity extended to September 22, 2030 (five years post-Amendment), subject to springing maturity clause.
No other approvals or filings disclosed.

Monitor impact of increased debt and extended maturities on covenant compliance and liquidity.
Watch for any triggers related to Unsecured Notes repayment affecting revolving credit maturity.
Interest rate exposure tied to Term SOFR fluctuations.