Flowers Foods extends $500 million revolver to 2026, tweaks pricing

By Wendy Van Sickle

Columbus, Ohio, Aug. 2 – Flowers Foods, Inc. amended its credit agreement originally entered Oct. 24, 2003 on July 30 to extend the $500 million unsecured revolving credit facility to July 30, 2026, among other changes, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also adjusts the interest margin above Libor to a range of 81.5 basis points to 152.5 bps from a range of 57.5 bps to 157.5 bps. The margin can be based on either leverage or credit ratings, depending on which is more favorable to the company.

The facility fee was changed to 6 bps to 22.5 bps from 5 bps to 30 bps.

Additionally, provisions were added to transition from Libor, and Deutsche Bank Trust Co. Americas was appointed to succeed Deutsche Bank AG New York Branch as administrative agent.

Deutsche Bank Securities Inc. and Well Fargo Securities, LLC are the lead arrangers and bookrunners; Wells Fargo Bank and Royal Bank of Canada are the documentation agents, and Wells Fargo is the syndication agent.

Flowers Foods is a Thomasville, Ga.-based producer and marketer of packaged bakery foods for retail and foodservice customers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.