Item 1.01. Entry into a Material Definitive Agreement.
On September 27, 2021, Campbell Soup Company (the "Company") entered into a
Five-Year Credit Agreement with JPMorgan Chase Bank, N.A. ("JPMorgan"), as
administrative agent, and the other lenders named therein (the "Credit
Agreement"). Subject to the terms and conditions set forth in the Credit
Agreement, the lenders have provided the Company with an unsecured, senior
revolving credit facility in an aggregate principal amount equal to
$1.85 billion, which shall have a maturity date of September 27, 2026 or such
later date as extended pursuant to the terms set forth in the Credit Agreement.
The Company may increase the credit facility commitments up to an additional
$500 million, subject to the satisfaction of certain conditions. 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, including a financial
covenant with respect to a minimum consolidated interest coverage ratio of
consolidated adjusted EBITDA to consolidated interest expense of not less than
3.25:1.00, and customary events of default for credit facilities of this type.
The proceeds of the loans under the Credit Agreement may be used for working
capital and other general corporate purposes.
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 the complete text of
the Credit Agreement, which is attached as Exhibit 10 and incorporated herein by
Item 1.02. Termination of a Material Definitive Agreement.
On September 27, 2021, the Company terminated its Three-Year Credit Agreement,
dated November 2, 2020, among the Company, certain of its subsidiaries from time
to time party thereto, JPMorgan, as administrative agent, and the other lenders
named therein, which established an unsecured, senior revolving credit facility
in the aggregate principal amount equal to $1.85 billion (the "Old Credit
Agreement"). The Old Credit Agreement was terminated in connection with the
entry into the Credit Agreement described in Item 1.01 above.
Item 9.01. Financial Statements and Exhibits.
10 Five-Year Credit Agreement, dated September 27, 2021, by and among
Campbell Soup Company, the Eligible Subsidiaries party thereto from time
to time, JPMorgan Chase Bank, N.A., as administrative agent, and the other
lenders named therein.
104 The cover page from this Current Report on Form 8-K formatted in Inline
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