Sensient amends loan terms with Wells Fargo, extends revolver to 2020

By Susanna Moon

Chicago, Nov. 10 – Sensient Technologies Corp. amended its credit agreement on Friday with Wells Fargo Bank, NA as administrative agent, pushing out the maturity of the revolving credit facility to November 2020.

The company also increased its term loan facility by $70 million and removed a covenant to maintain a consolidated adjusted net worth of at least $625 million, according to an 8-K filing with the Securities and Exchange Commission.

The revolver maturity was extended from October 2019.

KeyBank NA is the syndication agent.

The amended agreement provides for a $350 million revolving credit facility and a $170 million term loan facility, each with a term of five years.

Funds are available in U.S. dollars, Canadian dollars, pounds, euros, Swiss francs and other major currencies.

Proceeds will be used to refinance debt and to provide liquidity.

The increased term loan was drawn at closing and matures Nov. 6, 2020.

Interest is Libor plus 150 basis points, based on leverage.

The facility requires Sensient to maintain a ratio of consolidated total funded debt to consolidated EBITDA of no more than 3.5 times and a fixed charge coverage ratio of at least 2 times.

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

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