Flowers cuts term loan, revolver pricing, extends revolver maturity

By Marisa Wong

Madison, Wis., Feb. 18 - Flowers Foods, Inc. amended its credit agreement dated April 5, 2013 with Deutsche Bank AG New York Branch as administrative agent to reduce the applicable interest rate on its term loan, according to an 8-K filing with the Securities and Exchange Commission.

The applicable margin for term loans now ranges from 100 basis points to 225 bps, based on the company's leverage ratio.

The company also amended its amended and restated credit agreement dated May 20, 2011 with Deutsche Bank AG New York Branch as administrative agent to reduce pricing on its existing revolving credit facility.

The company reduced the applicable margin for Libor loans to 95 bps to 195 bps and the facility fee to 5 bps to 30 bps, both based on the leverage ratio.

In addition, the maturity date of the revolver was extended to Feb. 14, 2019.

The company entered into the first amendment to its term loan agreement and the third amendment to its revolving credit agreement on Friday.

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

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