Kraft Heinz extends $4 billion revolver to 2028

By William Gullotti

Buffalo, N.Y., July 21 – Kraft Heinz Co. and its operating subsidiary, Kraft Heinz Foods Co., entered into a first amendment to its $4 billion revolving credit facility with JPMorgan Chase Bank, NA as administrative agent on Friday, according to an 8-K filed with the Securities and Exchange Commission.

The amendment extended the maturity of the 2022-signed credit agreement to July 8, 2028 from July 8, 2027, adjusting lender commitments accordingly.

As previously reported at closing, 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 is also acting as a joint lead arranger and bookrunner alongside 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.

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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