As part of a planned refreshment of its bank credit facility, on July 15, 2022, Edwards Lifesciences Corporation entered into a five-year credit agreement, dated as of July 15, 2022, among the Company and certain of its subsidiaries, as Borrowers, the lenders signatory thereto and Bank of America, N.A., as Administrative Agent The Credit Agreement, which is further described in Item 2.03 below, replaces the Company's existing 2018 Credit Agreement and features improved pricing and other terms compared to the 2018 Credit Agreement. on July 15, 2022, the Company terminated the Five Year Credit Agreement, dated as of April 30, 2018, by and among the Company, certain of its subsidiaries, the lenders signatory thereto, Bank of America, N.A., as Administrative Agent, JP Morgan Chase Bank, N.A., as Syndication Agent, and Morgan Stanley MUFG Loan Partners, LLC, Deutsche Bank Securities Inc., HSBC Bank USA, National Association, and Wells Fargo Bank, National Association, as Co-Documentation Agents On July 15, 2022, the Company entered into the Credit Agreement to establish a new five-year $750 million multi-currency unsecured revolving credit facility replace the existing $750 million unsecured revolving credit facility under the 2018 Credit Agreement. All committed pro rata United States dollar-denominated borrowings under the Revolving Facility will bear interest at a variable rate based on the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York plus a spread adjustment or base rate, at the Company's election, subject to the terms and conditions thereof, plus, in each case, an applicable margin based on the Company's leverage ratio or debt ratings.

Subject to certain terms and conditions and the agreement of the lenders, the Company may increase the amount available under the Revolving Facility by up to an additional $250 million in the aggregate. The Credit Agreement matures July 15, 2027. The Credit Agreement contains customary representations, warranties, covenants, events of default, terms and conditions, including limitations on liens, incurrence of debt, mergers and significant asset dispositions.

The Company must also comply with a maximum leverage ratio. The occurrence of an event of default under the Credit Agreement could result in all loans and other obligations being declared due and payable and the Revolving Facility being terminated.