Sensient Technologies gets €75 million two-year term loan

By Wendy Van Sickle

Columbus, Ohio, Nov. 8 – Sensient Technologies Corp. entered into a new loan agreement with PNC Bank, NA as administrative agent on Nov. 7 that provides for an unsecured term loan facility of €75 million that matures on Nov. 7, 2024, according to an 8-K filing with the Securities and Exchange Commission.

Sensient borrowed the full loan amount at closing and used proceeds to repay its €66,856,837.23 1.848% senior notes, series F, that matured on Nov. 6, 2022 and a portion of the borrowings outstanding under its $350 million revolver.

Borrowings bear interest at Euribor plus a margin based on the company’s leverage ratio. The margin is currently 125 basis points.

The company must maintain a maximum leverage ratio of 3.5x, with a step-up to 4x following certain material acquisitions, and a ratio of EBITDA to interest expense of no greater than 3x.

PNC Capital Markets, LLC is the lead arranger and bookrunner of the new loan.

Sensient is a Milwaukee-based manufacturer and marketer of colors, flavors and fragrances.

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