Lancaster Colony enters new $150M unsecured revolving credit facility, maturing 2029

MARZETTI CO

New $150M credit agreement dated March 6, 2024, replaces prior $150M facility from March 2020.
Five-year term: all amounts due March 6, 2029; interest variable based on SOFR or Alternate Base Rate.
Financial covenants unchanged: interest coverage >=2.5x, leverage <=3.5x; no outstanding borrowings at signing.
Facility may be expanded to $225M with lender consent; used for general corporate purposes.

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

MARZETTI CO entered into New Credit Agreement with JPMorgan Chase Bank, N.A. as Administrative Agent valued at $150 million (effective 2024-03-06).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent
Value: $150 million
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, Lancaster Colony Corporation (the “Company”) entered into a new $150 million credit agreement (the “New Credit Agreement”) with the Lenders named in the New Credit Agreement and JPMorgan Chase Bank, N.A. as Administrative Agent.

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

MARZETTI CO terminated Old Credit Agreement with JPMorgan Chase Bank, N.A. as Administrative Agent (effective 2024-03-06).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, upon execution of the New Credit Agreement, the Company entered into an agreement with JPMorgan Chase Bank, N.A. to terminate its existing $150 million credit agreement (the “Old Credit Agreement”) dated March 19, 2020, as amended, between the Company, the Lenders party thereto (as defined in the Old Credit Agreement), and JPMorgan Chase Bank, N.A. as Administrative Agent.

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Source: SEC EDGAR

accession 0001193125-24-063742

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