Item 1.01: Entry into a Material Definitive Agreement Cardinal Health completed a public offering of $600 million in 4.500% Notes due 2030 Cardinal Health also issued $400 million in 5.150% Notes due 2035 The total Notes offering was $1 billion The offering was made pursuant to the company's previously filed registration statement on Form S-3 (No. 333-289513)

Our analysis rates this filing CAUTIOUS. The elevated concern level reflects the complex acquisition financing structure with significant contingent risks. While the company has a strategic approach to the Solaris Health acquisition, the mandatory redemption clause introduces material financial…

Concern level: HIGH (6.5/10). Key factors: Acquisition financing risk with mandatory 101% redemption clause; Potential financial penalty if Solaris Health acquisition fails; Contingent financing terms create additional complexity.

Notable risk changes: Raised $1B in new debt notes (2030 and 2035 tranches) to fund Solaris Health acquisition; Acquisition financing includes mandatory redemption clause if deal fails; Notes have specific redemption terms if acquisition not completed by August 2026.