WK Kellogg Co: debt financing — WK Kellogg Co secures $1.1B credit facility; spin-off from Kellogg effective Oct 2, 2023

WK Kellogg Co

Entered into $1.1B credit facility – $500M term loan, $250M delayed draw term loan, $350M revolver; matures Sept 2028.
SEC declared Form 10 effective; spin-off from Kellogg expected Oct 2, 2023. Distribution ratio: 1 KLG share per 4 Kellogg shares.
Record date for distribution: Sept 21, 2023. When-issued trading under 'KLG WI' begins Sept 27; regular-way trading on NYSE starts Oct 2.
Interest rates based on SOFR/CDOR/EURIBOR plus margin of 1.50%-2.50%; unused commitment fee 0.20%-0.30%.

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

WK Kellogg Co incurred credit facility of $1,100,000,000 at SOFR plus an interest rate margin ranging from 1.50% to 2.50% maturing five years from the closing date.

Instrument: credit facility
Principal: $1,100,000,000
Rate: SOFR plus an interest rate margin ranging from 1.50% to 2.50%
Maturity: five years from the closing date
Event: incurrence

Exact text from the filing

On September 12, 2023, WK Kellogg Co (the “Company”) entered into a credit facility in an aggregate principal amount of $1,100,000,000 (the “Credit Facility”), which will mature five years from the closing date thereof.

View on SEC.gov

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

WK Kellogg Co entered into Credit Facility valued at $1,100,000,000 (effective 2023-09-12).

Action: entry
Agreement: credit facility
Value: $1,100,000,000
Effective: 2023-09-12

Exact text from the filing

On September 12, 2023, WK Kellogg Co (the “Company”) entered into a credit facility in an aggregate principal amount of $1,100,000,000 (the “Credit Facility”), which will mature five years from the closing date thereof.

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-23-233549

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.