Mondelez gets $2 billion revolver that terminates near end of year

By Wendy Van Sickle

Columbus, Ohio, April 6 – Mondelez International, Inc. entered into a $2 billion revolving credit agreement on Thursday that will terminate on Dec. 29, 2023, according to an 8-K filing with the Securities and Exchange Commission.

Mizuho Bank, Ltd. is the administrative agent and is joined as a bookrunner and lead arranger by BNP Paribas, Citibank, NA and Sumitomo Mitsui Banking Corp.

Borrowings will bear interest at SOFR plus a margin that will range from 84 basis points to 128.5 bps, depending on Mondelez’s long-term senior unsecured debt rating. The facility fee ranges from 3.5 bps to 9 bps, also based on credit ratings.

The credit agreement requires the company to maintain a minimum shareholders’ equity of not less than $25 billion.

Mondelez expects to use proceeds for general corporate purposes, including for working capital purposes and to support its commercial paper program.

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

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