Monsanto gets $1 billion delayed-draw term loan to refinance debt

By Marisa Wong

Morgantown, W.Va., Nov. 2 – Monsanto Co. entered into a $1 billion delayed-draw term loan agreement on Oct. 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The loan agreement allows the company to request up to four advances of at least $250 million until the earlier of April 27, 2018 or completion of its merger with Bayer AG.

The loan matures on the earlier of Oct. 28, 2019 or completion of the merger and includes a prepayment option.

The loan will be used primarily to refinance maturing long-term debt.

The company provides agricultural products for farmers and is based in St. Louis.

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