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Credit Suisse Agents $1.2B Credit Facility for Campbell Soup Company

January 02, 2018, 07:33 AM

Campbell Soup Company entered into a Three-Year Credit Agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent, and the other lenders named therein. Subject to the terms and conditions set forth in the Credit Agreement, the lenders have provided the Company with a single draw, unsecured, senior term loan credit facility in an aggregate principal amount equal to $1.20 billion, which shall have a maturity date of three years from the date of the initial fundingthereof. Loans under the Credit Agreement will bear interest at the rates specified in the Credit Agreement, which vary based on the type of loan and certain other conditions. The Credit Agreement contains customary covenants and events of default for credit facilities of this type.

The proceeds of the loans under the Credit Agreement can only be used in connection with the acquisition by the Company of Snyder's-Lance, Inc. and to pay fees and expenses in connectiontherewith and with respect to the Credit Agreement.

The Company and its subsidiaries have relationships with some of the lenders where they provide commercial banking, investment banking, underwriting, trust and other financial advisory services for which they have received (or will receive) customary fees and expenses.

The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to thecomplete text of the Credit Agreement, which is attached as Exhibit 10 and incorporated herein by reference.

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