IFF enters $1B term loan to refinance €800M 1.800% Senior Notes due 2026

INTERNATIONAL FLAVORS & FRAGRANCES INC

Delayed draw term loan of $1.0B, available through Sept 25, 2026, matures Dec 31, 2027; proceeds to refinance €800M 1.800% Senior Notes due Sept 2026.
Interest at Term SOFR + 0.875%-1.500% (or base rate + 0.000%-0.500%) based on public debt ratings; no commitment fee.
Mandatory prepayment required from Food Ingredients Business Sale ($3.8B expected net proceeds, closing by end of Q2 2027).
Financial covenant: max net debt to consolidated EBITDA ratio of 3.75:1.00.
Facility is unsecured and substantially similar to existing $2B revolver covenants.

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