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CAMPBELL SOUP COMPANY

(CPB)
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CAMPBELL SOUP CO : Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

09/27/2021 | 04:11pm EST

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 reference.

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.



(d) 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
        XBRL

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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