Trimble Enters into New $500 Million Delayed Draw Term Loan Facility

Executive Summary

On October 2, 2026, Trimble Inc. entered into a new unsecured Term Loan Credit Agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders. The credit agreement establishes an unsecured delayed draw term loan facility with an aggregate principal commitment of $500.0 million.

Key Terms & Structure

• Facility Size: $500.0 million (delayed draw term loans).
• Availability & Draw Window: Trimble may draw under the facility in up to four draws on or prior to January 29, 2027. Undrawn commitments automatically and permanently terminate after that date.
• Initial Utilization: As of October 2, 2026, zero term loans have been borrowed.
• Maturity: Two years from the initial borrowing date.
• Repayment/Prepayment: Amounts repaid or prepaid cannot be reborrowed. Voluntary prepayments and commitment reductions are permitted without premium or penalty (subject to standard SOFR breakage costs).
• Use of Proceeds: General corporate purposes for Trimble and its subsidiaries.

Interest Rates & Fee Structure

• Ticking Fee: Accrues from December 1, 2026, until commitment termination, ranging from 0.075% to 0.275% per annum based on credit ratings or leverage ratios.
• Borrowing Margins:
  • Term SOFR Loans: SOFR + 0.875% to 1.750%.
  • Alternate Base Rate (ABR) Loans: Base rate + 0.000% to 0.750%.
  • Pricing tier is determined by the more favorable metric between Trimble's credit rating and leverage ratio.

Covenants & Financial Safeguards

• Negative Covenants: Customary restrictions limiting liens and subsidiary indebtedness.
• Financial Covenant: Maintenance of a specified maximum leverage ratio.
• Events of Default: Standard terms including payment defaults, covenant breaches, cross-defaults, bankruptcy/insolvency events, and change of control provisions.