UNIVERSAL CORP /VA/ (UVV): debt financing — Universal Corp enters new $1.15B credit agreement, replacing prior facility

UNIVERSAL CORP /VA/

New credit agreement includes $275M term loan A-1 (5-year), $345M term loan A-2 (7-year), and $530M revolving credit facility (5-year).
Existing credit agreement terminated and repaid with proceeds from new facility.
Financial covenants: max total leverage ratio 3.00x, minimum tangible net worth $1.0B.
Expansion option allows up to $200M additional commitments without consent of non-participating lenders.
Loans unsecured; interest rates based on SOFR plus spreads 1.25%-2.75% depending on leverage.

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

UNIVERSAL CORP /VA/ incurred revolving credit of $530,000,000 with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents at ABR Loans: 0.65% per annum; Term Benchmark Loans: 1.65% per annum (initial Appli maturing five-year term from December 15, 2022.

Instrument: revolving credit
Principal: $530,000,000
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents
Rate: ABR Loans: 0.65% per annum; Term Benchmark Loans: 1.65% per annum (initial Appli
Maturity: five-year term from December 15, 2022
Event: incurrence

Exact text from the filing

The Credit Agreement provides for (i) a five-year term loan A-1 facility in the amount of $275,000,000 (the loans thereunder, the "Term A-1 Loans"), (ii) a seven-year term loan A-2 facility in the amount of $345,000,000 (the loans thereunder, the "Term A-2 Loans") and (iii) a five-year revolving loan facility (the "Revolving Credit Facility") of $530,000,000 (the loans thereunder, the "Revolving Credit Loans" and, collectively with the Term A-1 Loans and the Term A-2 Loans, the "Loans"), of which up to $25,000,000 is available for letters of credit and, at the swingline lender's discretion, up to $20,000,000 is available for short-term borrowings on a swingline basis.

View on SEC.gov

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

UNIVERSAL CORP /VA/ incurred term loan of $345,000,000 with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents at ABR Loans: 1.25% per annum; Term Benchmark Loans: 2.25% per annum (initial Appli maturing seven-year term from December 15, 2022.

Instrument: term loan
Principal: $345,000,000
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents
Rate: ABR Loans: 1.25% per annum; Term Benchmark Loans: 2.25% per annum (initial Appli
Maturity: seven-year term from December 15, 2022
Event: incurrence

Exact text from the filing

The Credit Agreement provides for (i) a five-year term loan A-1 facility in the amount of $275,000,000 (the loans thereunder, the "Term A-1 Loans"), (ii) a seven-year term loan A-2 facility in the amount of $345,000,000 (the loans thereunder, the "Term A-2 Loans") and (iii) a five-year revolving loan facility (the "Revolving Credit Facility") of $530,000,000 (the loans thereunder, the "Revolving Credit Loans" and, collectively with the Term A-1 Loans and the Term A-2 Loans, the "Loans"), of which up to $25,000,000 is available for letters of credit and, at the swingline lender's discretion, up to $20,000,000 is available for short-term borrowings on a swingline basis.

View on SEC.gov

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

UNIVERSAL CORP /VA/ incurred term loan of $275,000,000 with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents at ABR Loans: 1.00% per annum; Term Benchmark Loans: 2.00% per annum (initial Appli maturing five-year term from December 15, 2022.

Instrument: term loan
Principal: $275,000,000
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents
Rate: ABR Loans: 1.00% per annum; Term Benchmark Loans: 2.00% per annum (initial Appli
Maturity: five-year term from December 15, 2022
Event: incurrence

Exact text from the filing

The Credit Agreement provides for (i) a five-year term loan A-1 facility in the amount of $275,000,000 (the loans thereunder, the "Term A-1 Loans"), (ii) a seven-year term loan A-2 facility in the amount of $345,000,000 (the loans thereunder, the "Term A-2 Loans") and (iii) a five-year revolving loan facility (the "Revolving Credit Facility") of $530,000,000 (the loans thereunder, the "Revolving Credit Loans" and, collectively with the Term A-1 Loans and the Term A-2 Loans, the "Loans"), of which up to $25,000,000 is available for letters of credit and, at the swingline lender's discretion, up to $20,000,000 is available for short-term borrowings on a swingline basis.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.5

UNIVERSAL CORP /VA/ terminated Existing Credit Agreement (effective 2022-12-15).

Action: termination
Agreement: credit facility
Effective: 2022-12-15

Exact text from the filing

On December 13, 2022, the Company provided written notice of prepayment and termination of the Existing Credit Agreement as of December 15, 2022, conditioned upon the effectiveness of a new credit facility

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.5

UNIVERSAL CORP /VA/ entered into Credit Agreement with JPMorgan Chase Bank, N.A., Truist Bank, AgFirst Farm Credit Bank, First Horizon Bank, KeyBank National Association, and Citibank, N.A. valued at $275,000,000, $345,000,000, $530,000,000 (effective 2022-12-15).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., Truist Bank, AgFirst Farm Credit Bank, First Horizon Bank, KeyBank National Association, and Citibank, N.A.
Value: $275,000,000, $345,000,000, $530,000,000
Effective: 2022-12-15

Exact text from the filing

On December 15, 2022, Universal Corporation (the “Company”) entered into a new Credit Agreement, with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents (the “Credit Agreement”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-22-307333

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