WhiteWave extends facilities, ups loans to $520 million for paydown

By Susanna Moon

Chicago, Nov. 9 – WhiteWave Foods Co. extended the maturity of its revolving credit facility and term A-1 credit facility to Nov. 6, 2020 and of its term A-2 credit facility to Nov. 6, 2022.

The company amended its credit agreement last Friday with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also provides for

• A $512.5 million increase of term loans under the term A-1 credit facility, to $750 million;

• A $7.5 million increase of term loans under the term A-2 credit facility, to $750 million;

• Establishing principal amortization requirements under the term A-1 credit facility of 5% per year, with the balance due at maturity;

• Establishing principal amortization requirements under the term A-2 credit facility of 1% per year, with the balance due at maturity;

• Modifying the rate pricing grid to reduce interest rates on loans under each of the facilities by 25 basis points;

• Modifying the maximum consolidated senior secured net leverage ratio to 4 times; and

• Adding the ability to designate subsidiaries of WhiteWave as a borrower under the revolving credit facility, with an overall limit on direct borrowing by subsidiaries of $100 million.

WhiteWave used the incremental $520 million of term loan proceeds to pay down outstanding borrowings under the revolving credit facility.

WhiteWave is a Denver-based consumer packaged food and beverage company.

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