Coherent refinances credit facility with $1.25B new term loans and $700M revolver
On 2025-09-26 Coherent Corp. entered Amendment No. 4 to its 2022 credit agreement with JPMorgan as administrative agent (8-K Items 1.01 and 2.03), refinancing all revolving commitments into a new $700 million senior secured revolver, adding $1.25 billion of new senior secured incremental Term A loans (used in part to repay the initial Term A loans), and resetting the total-net-leverage covenant to 4.25x (4.75x temporary step-up post-acquisition), with maturities in September 2030.
A $1.25B term-loan refinancing is a material balance-sheet action for a quantum-adjacent photonics/optical-component supplier, but Coherent is a diversified components vendor and a refinancing carries no dilution narrative, placing it at the notable-corporate-action tier.
Extended maturities and a larger revolver give Coherent financial flexibility to support datacom/optical capacity expansion that underpins quantum-networking and AI-interconnect supply chains.