WhiteWave Foods increases loans by $175 million, extends maturities

By Marisa Wong

Madison, Wis., Sept. 2 – WhiteWave Foods Co. entered into a third amendment to its credit agreement dated Oct. 12, 2012 to take advantage of current market conditions to extend maturities, increase liquidity and gain additional operating flexibility, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, completed on Friday, extends the maturity date of the company’s current term A-1 credit facility and revolving credit facility to Aug. 29, 2019 and extends the maturity date of the current term A-2 credit facility and term A-3 credit facility, which has been reclassified as part of the term A-2 loan under the amendment, to Aug. 29, 2021.

The amendment provides for $250 million of term A-1 loans and $750 million of term A-2 loans and revolving commitments of $1 billion. This represents an increase of $25 million in term loans and $150 million in revolving commitments.

In addition, the amendment modifies the maximum consolidated net leverage ratio so that it is initially set at 4.00 to 1.00, with a step down to 3.75 to 1.00 beginning with the fiscal quarter ending March 31, 2016; provided that (a) upon the incurrence of certain debt, that ratio will increase to 5.00 to 1.00 and (b) that ratio is subject to additional adjustments in connection with acquisitions.

The amendment also adds a maximum consolidated senior secured net leverage ratio covenant, effective upon the incurrence of certain debt, to be set at 4.00 to 1.00 following the incurrence. It will step down to 3.75 to 1.00 after five full fiscal quarters have elapsed from that date of the incurrence.

The amendment does not affect pricing for the facility, the filing noted.

Bank of America, NA is the administrative agent.

WhiteWave is a Denver-based consumer packaged food and beverage company.

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