SENSIENT TECHNOLOGIES CORP (SXT): debt financing — Sensient enters €75M unsecured term loan facility; refinances €66.9M Series F notes

SENSIENT TECHNOLOGIES CORP

€75,000,000 unsecured term loan due Nov 7, 2024; borrowed same day to repay €66,856,837 Series F notes due Nov 6, 2022 and revolver balance.
Interest rate: EURIBOR plus margin of 1.250% (Pricing Level III); adjusted quarterly based on Leverage Ratio.
Financial covenants: max Leverage Ratio 3.50x (4.00x after qualified acquisitions); min Interest Coverage Ratio 3.00x.
Loan agreement includes customary events of default and prepayment without penalty, pro rata among lenders.
Administrative agent: PNC Bank; lead arranger: PNC Capital Markets LLC.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SENSIENT TECHNOLOGIES CORP incurred term loan of €75,000,000 with PNC Bank, National Association, as administrative agent at Eurocurrency Rate plus a margin determined on the basis of the Company’s leverag maturing November 7, 2024.

Instrument: term loan
Principal: €75,000,000
Counterparty: PNC Bank, National Association, as administrative agent
Rate: Eurocurrency Rate plus a margin determined on the basis of the Company’s leverag
Maturity: November 7, 2024
Event: incurrence

Exact text from the filing

On November 7, 2022, Sensient Technologies Corporation (the “Company”) entered into a new Loan Agreement (the “Loan Agreement”) among the Company, PNC Bank, National Association, as administrative agent, and the other lenders party thereto. The Loan Agreement provides for an unsecured term loan facility of €75,000,000 that matures on November 7, 2024. Also on November 7, 2022, the Company borrowed all €75,000,000 under the Loan Agreement

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

SENSIENT TECHNOLOGIES CORP entered into Loan Agreement with PNC Bank, National Association, as administrative agent, and the other lenders party thereto valued at €75,000,000 (effective 2022-11-07).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association, as administrative agent, and the other lenders party thereto
Value: €75,000,000
Effective: 2022-11-07

Exact text from the filing

On November 7, 2022, Sensient Technologies Corporation (the “Company”) entered into a new Loan Agreement (the “Loan Agreement”) among the Company, PNC Bank, National Association, as administrative agent, and the other lenders party thereto. The Loan Agreement provides for an unsecured term loan facility of €75,000,000 that matures on November 7, 2024.

View on SEC.gov

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Source: SEC EDGAR

accession 0001140361-22-040533

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