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Campbell draws $900 million of term loan for Snyder’s-Lance purchase
By Wendy Van Sickle
Columbus, Ohio, March 26 – Campbell Soup Co. borrowed $900 million on Monday under the three-year term loan credit agreement it entered in December, according to an 8-K filing with the Securities and Exchange Commission.
Up to $1.2 billion was available to the company in a single draw under the credit agreement, which became available on closing of Campbell’s all-cash acquisition of Snyder’s-Lance Inc., which occurred on Monday.
The loan will mature on the date that is three years from the funding date.
Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and PNC Capital Markets LLC are the joint lead arrangers and joint bookrunners, with Credit Suisse AG, Cayman Islands Branch as administrative agent.
Borrowings will bear interest at Libor plus 75 basis points to 137.5 bps, depending on the company’s ratings, as previously reported.
Proceeds may be used only for the acquisition.
Campbell purchased Snyder’s-Lance for $50.00 per share in a deal valued at $4.9 billion.
Campbell Soup is a convenience foods company based in Camden, N.J. Snyder’s-Lance is a Charlotte, N.C.-based snack foods manufacturer.
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