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Kellogg gets replacement $1 billion 364-day revolver, amends five-year facility
Chicago, Jan. 29 – Kellogg Co. entered into an unsecured 364-day credit agreement on Tuesday for a $1 billion replacement revolver, according to an 8-K filed with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA, Barclays Bank plc, BofA Securities, Inc., Citibank, NA, Cooperatieve Rabobank UA, New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners with JPMorgan Chase Bank as administrative agent and Barclays as syndication agent.
Documentation agents are Bank of America, NA, Citibank, NA, Cooperatieve Rabobank UA, New York Branch, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, NA.
The new revolver replaces the company’s 364-day credit facility dated Jan. 28, 2020, which expired on the effective date of the new facility.
The new facility bears interest at Libor plus 94 basis points to 147.5 bps, depending on the company’s ratings, as it did in the previous facility.
The facility fee ranges from 6 bps to 15 bps, also based on ratings, also the same.
In addition, the credit facility contains a financial covenant that requires the ratio of consolidated EBITDA to consolidated interest expense to be no less than 4 to 1 for any four consecutive fiscal quarters.
No borrowings were outstanding under the new credit facility as of the closing date.
Additionally, the company amended its five-year credit agreement on Tuesday, dated Jan. 30, 2018.
The amendment makes conforming changes consistent with the terms of the 364-day credit agreement.
JPMorgan Chase is the administrative agent. Barclays is the syndication agent.
Bank of America, Citibank, Morgan Stanley MUFG Loan Partners and Wells Fargo are documentation agents.
JPMorgan, Barclays, Merrill Lynch, Pierce, Fenner & Smith Inc., Citigroup, Cooperatieve Rabobank, Morgan Stanley MUFG Loan Partners and Wells Fargo are joint lead arrangers and joint bookrunners on the five-year credit facility.
The Battle Creek, Mich.-based company manufactures cereal and convenience foods.
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