McCormick secures $2B term loan for Unilever foods acquisition; 3-year maturity, floating rate

MCCORMICK & CO INC

Borrows up to $2.0B under term loan facility; Citibank, Goldman Sachs, Morgan Stanley as arrangers.
Loan matures 3 years after closing of Merger; interest at Term SOFR + 0.75%-1.50% or Base Rate + 0.00%-0.50%.
Financial maintenance covenant: Consolidated EBITDA/Interest Expense ratio ≥ 3.75:1.00.
$2.0B of existing $15.7B bridge facility commitments terminated; replaced with term loan.
Proceeds to finance portion of cash consideration and fees for acquisition of Unilever's foods business.

item 1.01 item 2.03 item 8.01 item 9.01

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