Kellogg enters $800 million 364-day revolving credit facility

By Marisa Wong

Morgantown, W.Va., Feb. 1 – Kellogg Co. entered into an $800 million 364-day unsecured revolving credit agreement on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA, Barclays Bank plc, Cooperatieve Rabobank UA, New York Branch and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners with JPMorgan Chase Bank as administrative agent and Barclays Bank as syndication agent.

Pricing is equal to Libor plus 94 basis points to 160 bps, depending on the company’s debt ratings.

The facility fee ranges from 6 bps to 15 bps.

The credit facility includes an interest expense coverage ratio that requires the ratio of consolidated EBITDA to consolidated interest expense to be no less than 4.0 to 1.0 for any four consecutive fiscal quarters.

No borrowings were outstanding as of the closing date.

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

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