Kraft Heinz gets $4 billion replacement revolver maturing in 2027

By Wendy Van Sickle

Columbus, Ohio, July 8 – Kraft Heinz Co. and its operating subsidiary Kraft Heinz Foods Co. entered into a new credit agreement on Friday to replace its existing $4 billion revolver with a revolver of the same size that is due to mature in five years, according to an 8-K filed with the Securities and Exchange Commission.

The prior revolver was slated to mature on July 6, 2025 and was terminated.

The new revolver is available to Kraft Heinz Foods and any designated wholly owned subsidiary and matures on July 8, 2027.

There is a $1 billion sublimit for borrowings in Canadian dollars, euros or pounds sterling, a $400 million sublimit for swingline loans and a $300 million letter-of-credit sublimit.

Borrowings bear interest at term SOFR plus a margin ranging from 100 basis points to 175 bps, and the commitment fee ranges from 9 bps to 25 bps, both depending on credit ratings.

JPMorgan Chase Bank, NA is administrative agent. JPMorgan, BofA Securities, Inc., Barclays Bank plc, Citibank, NA, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding, Inc., Royal Bank of Canada and Wells Fargo Securities, LLC are joint lead arrangers and bookrunners. Bank of America, NA, Barclays, Citibank, Deutsche Bank, Morgan Stanley, Royal Bank of Canada and Wells Fargo Bank, NA are syndication agents,

Kraft Heinz is a food company based in Pittsburgh.

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