Starbucks amends $3B credit facility to replace LIBOR with Term SOFR

STARBUCKS CORP

Amendment replaces ICE LIBOR with Term SOFR as the interest rate benchmark; all other terms unchanged.
Revolving credit facility remains at $3.0 billion with same lenders, maturity, and covenants.
Amendment effective April 17, 2023, applies to new loans; existing LIBOR loans continue until their current interest period ends.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STARBUCKS CORP amended Amendment with the lenders parties thereto and Bank of America, N.A. (effective 2023-04-17).

Action: amendment
Agreement: credit facility
Counterparty: the lenders parties thereto and Bank of America, N.A.
Effective: 2023-04-17

Exact text from the filing

On April 17, 2023, Starbucks Corporation (the “Company”) entered into an amendment (the “Amendment”) to its existing Credit Agreement dated September 16, 2021 (as previously amended, the “Credit Agreement”) with the lenders parties thereto (the “Lenders”) and Bank of America, N.A., in its capacity as Administrative Agent for the Lenders.

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Source: SEC EDGAR

accession 0000829224-23-000030

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