Mondelez gets $2.5 billion 364-day, $4.5 billion five-year revolvers

By Wendy Van Sickle

Columbus, Ohio, Feb. 23 – Mondelez International, Inc. entered into a $2.5 billion 364-day revolving credit agreement and a $4.5 billion five-year revolving credit agreement on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative agent.

The maturity of the 364-day revolver may be extended a year to Feb. 25, 2024. The maturity date for the five-year revolver will be Feb. 23, 2027, unless extended for an additional year.

Interest for the 364-day revolver is SOFR plus a margin that ranges from 84 basis points to 128.5 bps, and the facility fee ranges from 3.5 bps to 9 bps, based on credit ratings.

Interest for the five-year revolver is SOFR plus 81.5 bps to 125 bps, and the facility fee is 6 bps to 12.5 bps, also depending on ratings.

The new five-year revolver replaces the company’s $4.5 billion amended and restated five-year revolver dated Feb. 27, 2019.

The five-year revolver may be increased by up to $500 million.

The company is required to maintain a minimum shareholders’ equity of not less than $25 billion under each agreement.

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

JPMorgan Chase Bank, NA, Citibank, NA, Credit Suisse Loan Funding LLC, HSBC Securities (USA) Inc., BofA Securities, Inc. Banco Bilbao Vizcaya Argentaria, SA, New York Branch, Barclays Bank plc, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd., SG Americas Securities, LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are joint lead arrangers and bookrunners.

Bank of America, NA, Citibank, NA Credit Suisse Loan Funding and HSBC Bank USA, NA are co-syndication agents. Banco Bilbao Vizcaya Argentaria, Barclays, BNP, Deutsche Bank, Goldman Sachs, Mizuho, MUFG, Societe Generale, Toronto-Dominion Bank, New York Branch and Wells Fargo Bank, NA are co-documentation agents.

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

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