SEABOARD CORP /DE/ (SEB): debt financing — Seaboard upsizes term loan to $975M, extends maturity to 2033

SEABOARD CORP /DE/

Seaboard Foods LLC increased its unsecured term loan from $700M to $975M.
New credit agreement matures November 10, 2033, with annual principal amortization of about 1%.
Interest rate options include Base Rate, Term SOFR, Daily Simple SOFR, or Quoted Rate.
Covenants include max debt-to-capitalization ratio and minimum tangible net worth; mandatory prepayments on equity issuances and asset sales.
Seaboard Corporation guarantees all obligations of Seaboard Foods under the agreement.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

SEABOARD CORP /DE/ amended term loan of increased from $700,000,000 to $975,000,000 unsecured term loan with CoBank, ACB; Farm Credit Services of America, PCA; and the lenders party thereto at Base Rate, Term SOFR Rate, Daily Simple SOFR Rate, or fixed Quoted Rate, with ma maturing November 10, 2033.

Instrument: term loan
Principal: increased from $700,000,000 to $975,000,000 unsecured term loan
Counterparty: CoBank, ACB; Farm Credit Services of America, PCA; and the lenders party thereto
Rate: Base Rate, Term SOFR Rate, Daily Simple SOFR Rate, or fixed Quoted Rate, with ma
Maturity: November 10, 2033
Event: amendment

Exact text from the filing

The Credit Agreement amended and restated the Amended and Restated Term Loan Credit Agreement dated September 25, 2018 to, among other things, increase Seaboard Foods’ existing $700,000,000 unsecured term loan under the prior agreement to a new $975,000,000 unsecured term loan (“Term Loan”) and extend the maturity date thereunder.

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Source: SEC EDGAR

accession 0000088121-23-000100

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