Kellogg gets replacement $1 billion 364-day revolver, $1.5 billion five-year facility

By Wendy Van Sickle

Columbus, Ohio, Dec. 23 – Kellogg Co. entered on Tuesday into an unsecured 364-day credit agreement for a $1 billion replacement revolver and into an unsecured five-year credit agreement for a $1.5 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 and Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners for each credit agreement with JPMorgan Chase Bank as administrative agent and Bank of America, NA, Barclays, Citibank, Rabobank and Morgan Stanley as co-syndication agents.

The new 364-day revolver replaces the company’s 364-day credit facility dated Jan. 26, 2021. The five-year revolver replaces the five-year revolver dated Jan. 30, 2018.

The five-year revolver has a $300 million sublimit for swingline loans. It bears interest at a term benchmark spread plus a margin ranging from 79.5 basis points to 130 bps and has a facility fee ranging from 8 bps to 20 bps, both depending on ratings.

The 364-day revolver bears interest at a term benchmark spread plus a margin ranging from 81.5 bps to 135 bps and has a facility fee ranging from 6 bps to 15 bps, depending on ratings.

No borrowings were outstanding under either credit facility at closing.

The Battle Creek, Mich.-based company manufactures cereal and convenience foods.

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