Mondelez International gets $1.5 billion 364-day revolving facility

By Sarah Lizee

Olympia, Wash., Feb. 27 – Mondelez International, Inc. entered into a credit agreement with JPMorgan Chase Bank, NA as administrative agent on Wednesday for a $1.5 billion 364-day senior unsecured revolver according to an 8-K filing with the Securities and Exchange Commission.

The termination date is Feb. 24, 2021.

The company may extend the maturity of any loans outstanding on the termination date to Feb. 24, 2022, subject to delivery of prior notice and satisfaction of other conditions.

Borrowings bear interest at Libor plus 83.5 basis points to 128.5 bps, and the facility fee ranges from 4 bps to 9 bps, in each case depending on ratings.

Mondelez is required to maintain a minimum shareholders’ equity of not less than $24.6 billion.

Proceeds may be used for general corporate purposes, including for working capital purposes, and to support the company’s commercial paper program.

JPMorgan, Citibank, NA, Credit Suisse Loan Funding LLC, HSBC Securities (USA) Inc., BofA Securities, Inc., Barclays Bank plc, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., MUFG Bank, Ltd., SG Americas Securities, LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners.

BofA, Citi, Credit Suisse and HSBC are the co-syndication agents.

Barclays, BNP, Deutsche Bank, Goldman, Mizuho, MUFG, Societe Generale, Toronto-Dominion Bank, Ne York Branch and Wells Fargo are co-documentation agents.

Mondelez, formerly Kraft Foods Inc., is a snack company based in Deerfield, Ill.

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