MCCORMICK & CO INC (MKC): debt financing — 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.

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

MCCORMICK & CO INC incurred credit facility of up to $2.0 billion with Citibank, N.A., as administrative agent at Term SOFR plus an applicable margin based on the credit ratings of McCormick’s s maturing three years after the Closing Date.

Instrument: credit facility
Principal: up to $2.0 billion
Counterparty: Citibank, N.A., as administrative agent
Rate: Term SOFR plus an applicable margin based on the credit ratings of McCormick’s s
Maturity: three years after the Closing Date
Event: incurrence

Exact text from the filing

The Term Loan Agreement provides McCormick with the ability to borrow up to $2.0 billion (the “Term Loan Facility”) at the closing of the Merger

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

MCCORMICK & CO INC entered into Term Loan Agreement with the lenders party thereto and Citibank, N.A., as administrative agent valued at up to $2.0 billion (effective 2026-04-28).

Action: entry
Agreement: credit facility
Counterparty: the lenders party thereto and Citibank, N.A., as administrative agent
Value: up to $2.0 billion
Effective: 2026-04-28

Exact text from the filing

On April 28, 2026, McCormick & Company, Incorporated, a Maryland corporation (“McCormick”), entered into a Term Loan Agreement (the “Term Loan Agreement”), by and among McCormick, the lenders party thereto and Citibank, N.A., as administrative agent

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Source: SEC EDGAR

accession 0001999371-26-009633

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