Kraft Heinz extends revolving loans to 2023, adds swingline facility

By Sarah Lizee

Olympia, Wash., June 15 – Kraft Heinz Foods Co. and Kraft Heinz Co. entered into a second amendment to their credit agreement on Friday to extend the maturity date of revolving loans and commitments and add a $400 million euro-equivalent swingline facility, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date of revolving loans and commitments was extended to July 6, 2023 from July 6, 2021.

The swingline facility will be available for short-term loans denominated in euros on a same-day basis.

Borrowings bear interest at Libor plus 87.5 basis points to 175 bps, depending on credit ratings. The unused line fee rate ranges from 8 bps to 22.5 bps and is also based on ratings.

The amendment will be effective on, and subject to, satisfaction of some closing conditions on or before July 6.

JPMorgan Chase Bank, NA, Barclays Bank plc, Citibank, NA, Goldman Sachs Bank USA, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley Senior Funding, Inc. and Wells Fargo Securities, LLC are revolving joint lead arrangers and bookrunners. Bank of America, NA, Barclays, Citibank, Goldman Sachs, Morgan Stanley and Wells Fargo Bank, NA are syndication agents.

JPMorgan is the administrative agent and J.P. Morgan Europe Ltd. is the London agent.

Chicago-based Kraft Heinz is a food company formed by the merger of Kraft Foods Group and Heinz in 2015.

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