J M SMUCKER Co (SJM): debt financing — Smucker enters $650M term loan and $2.0B revolver to refinance maturing debt

J M SMUCKER Co

Term loan of $650M unsecured, matures March 7, 2027, to partially repay $1.0B 3.50% Senior Notes due March 15, 2025.
$2.0B unsecured revolving credit facility matures March 7, 2030; used to refinance existing debt and for general corporate purposes.
Interest on term loan at base rate or Term SOFR plus applicable margin; interest coverage covenant of 3.50:1 required quarterly.
Remainder of senior note repayment funded from cash on hand and commercial paper borrowings.

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

J M SMUCKER Co incurred revolving credit of $2.0 billion with Bank of America, N.A., as administrative agent at base rate plus 0.000% to 0.300% or Term SOFR/Term CORRA/EURIBOR plus 0.795% to 1 maturing March 7, 2030.

Instrument: revolving credit
Principal: $2.0 billion
Counterparty: Bank of America, N.A., as administrative agent
Rate: base rate plus 0.000% to 0.300% or Term SOFR/Term CORRA/EURIBOR plus 0.795% to 1
Maturity: March 7, 2030
Event: incurrence

Exact text from the filing

The Revolving Credit Agreement provides for a $2.0 billion unsecured revolving credit facility that matures on March 7, 2030.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

J M SMUCKER Co incurred term loan of $650.0 million with Bank of America, N.A., as administrative agent at base rate plus 0.00% or Term SOFR rate plus 1.00% maturing March 7, 2027.

Instrument: term loan
Principal: $650.0 million
Counterparty: Bank of America, N.A., as administrative agent
Rate: base rate plus 0.00% or Term SOFR rate plus 1.00%
Maturity: March 7, 2027
Event: incurrence

Exact text from the filing

The Term Loan Agreement provides for an unsecured $650.0 million term credit facility that matures on March 7, 2027.

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Source: SEC EDGAR

accession 0001193125-25-049909

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