Hormel Foods enters $750M revolving credit facility maturing 2030

HORMEL FOODS CORP /DE/

New $750M unsecured revolving credit facility replaces prior May 2021 facility; includes $375M uncommitted increase option.
Facility matures March 25, 2030; interest margins based on debt ratings: 0.575-1.160% for eurocurrency loans, 0.0-0.160% for base rate loans.
Financial covenant requires minimum consolidated interest coverage ratio of 3.50:1.00 at each fiscal quarter end.
Facility fees range from 0.050% to 0.090% of daily revolving commitment, adjusted by S&P/Moody's ratings.
Proceeds to refinance existing debt, fund working capital, and general corporate purposes including acquisitions.

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