Campbell Soup inks three-year $1.85 billion revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – Campbell Soup Co. entered into a three-year $1.85 billion revolving credit agreement on Monday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The company may increase the commitments up to an additional $500 million.

The maturity date will be Nov. 2, 2023.

Borrowings will bear interest at Libor plus a margin ranging from 110 basis points to 177.5 bps, and the facility fee ranges from 15 bps to 35 bps, both depending on the company’s credit ratings.

The credit agreement contains a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense of not less than 3.25 to 1.00.

Proceeds may be used for working capital and other general corporate purposes.

JPMorgan, Barclays Bank plc, BNP Paribas Securities Corp. and BofA Securities, Inc. are the joint lead arrangers and joint bookrunners.

Barclays, BNP Paribas and BofA Securities are the syndication agents.

Campbell Soup is a convenience foods company based in Camden, N.J.

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