International Flavors & Fragrances Inc. Announces Amended and Restated Revolving Credit Agreement
July 28, 2021 at 05:17 pm EDT
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On July 28, 2021, International Flavors & Fragrances Inc. and certain of its subsidiaries entered into the Third Amended and Restated Credit Agreement (the Amended and Restated Revolving Credit Agreement"), which amended and restated the Credit Agreement, dated as of November 9, 2011, which had been previously amended and restated as of December 2, 2016, further amended as of May 21, 2018, June 6, 2018, July 13, 2018 and January 17, 2020, and further amended and restated as of August 25, 2020 among the Company, certain of its subsidiaries, the banks, financial institutions and other institutional lenders party thereto, and Citibank, N.A. as administrative agent. The Amended and Restated Revolving Credit Agreement provides for, among other things, a $2.0 billion senior unsecured revolving loan credit facility maturing July 28, 2026. At the option of the Company, the facility may be increased to $2.5 billion subject to certain conditions. The Company's maximum permitted ratio of Net Debt to Consolidated EBITDA under the Amended and Restated Revolving Credit Agreement will be 4.75 to 1.0, stepping down to 3.50 to 1.0 over time (with a step-up if the Company consummates certain qualifying acquisitions). The lenders and other financial institutions that are party to the Amended and Restated Revolving Credit Agreement and their respective affiliates engage in financial advisory, investment banking, commercial banking or other transactions of a financial nature with the Company and its subsidiaries, including the provision of advisory services for which they receive certain fees, expense reimbursements or other payments.
International Flavors & Fragrances Inc. is one of the world leaders in designing, producing and marketing food, flavor, fragrance and pharmaceutical ingredients. Net sales break down by product family as follows:
- flavor ingredients (54.9%): primarily for the food industry (manufacturing of dairy products, beverages, prepared meals, confectionery products, etc.);
- natural, nutritional and health ingredients (18.8%): food cultures and enzymes, probiotics and specialized ingredients for the manufacturing of food supplements, functional foods and beverages, personal and household care products, animal nutrition products, etc.;
- fragrance compounds (18.5%): primarily for the manufacturing of cosmetics (deodorants, hair care products, etc.) and cleaning products (detergents, soaps, softeners, etc.);
- pharmaceutical excipients (7.8%): cellulosics and seaweed-based pharma excipients used mainly in the manufacturing of pharmaceutical products and food supplements.
At the end of 2022, the group has approximately 220 manufacturing sites in the world.
Net sales are distributed geographically as follows: North America (31%), Europe/Africa/Middle East (33.9%), Asia (23.1%) and Latin America (12%).
INTERNATIONAL FLAVORS & FRAGRANCES INC. 
