Ingredion establishes $500 million two-year loan at Libor plus 80 bps

By Angela McDaniels

Tacoma, Wash., April 18 – Ingredion Inc. entered into an amended and restated credit agreement on April 12 that establishes an up to $500 million senior term loan due April 12, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The $165 million of debt outstanding under the credit agreement on April 12 will continue as debt under the amended credit agreement.

The interest rate is Libor plus 80 basis points.

The company must pay a delayed-draw ticking fee on the unused availability of 7.5 bps.

Borrowings under the credit agreement are to be used for general corporate purposes.

The company must maintain a maximum consolidated leverage ratio of 3.5 to 1.0 and a minimum consolidated interest coverage ratio of 3.5 to 1.0.

Bank of America, NA is the administrative agent. Bank of America Merrill Lynch is the bookrunner and lead arranger.

Ingredion is a Westchester, Ill.-based maker of starches and sweeteners.

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