Campbell Soup enters $2B delayed draw term loan for Sovos Brands acquisition

CAMPBELL'S Co

Unsecured delayed draw term loan facility of up to $2B, maturing October 8, 2024.
Interest rates vary by loan type; includes minimum interest coverage ratio of 3.25:1.00.
Ticking fee of 0.10% on unused commitments; funding fee of 0.20% on outstanding loans after 90 days.
Proceeds restricted to funding the previously announced Sovos Brands acquisition and related fees.
Bank of America serves as administrative agent; lenders include some existing relationship banks.

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

CAMPBELL'S Co entered into Delayed Draw Term Loan Credit Agreement with the various lenders named therein and Bank of America, N.A., as administrative agent valued at $2 billion (effective 2023-10-10).

Action: entry
Agreement: credit facility
Counterparty: the various lenders named therein and Bank of America, N.A., as administrative agent
Value: $2 billion
Effective: 2023-10-10

Exact text from the filing

On October 10, 2023, Campbell Soup Company (the “Company”) entered into a Delayed Draw Term Loan Credit Agreement (the “Credit Agreement”) with the various lenders named therein and Bank of America, N.A., as administrative agent for the lenders.

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Source: SEC EDGAR

accession 0001193125-23-253873

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