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Ralcorp Holdings enters into new $300 million five-year revolver
By Angela McDaniels
Tacoma, Wash., May 4 - Ralcorp Holdings, Inc. amended and restated its credit agreement to provide for a new $300 million revolving credit facility due May 1, 2017, according to an 8-K filing with the Securities and Exchange Commission.
The facility has a $150 million accordion feature, which can be exercised in the form of additional revolving commitments or a term loan.
The initial interest rate is Libor plus 150 basis points. The margin over Libor ranges from 112.5 bps to 175 bps depending on Ralcorp's leverage ratio. The initial commitment fee is 22.5 bps. It ranges from 15 bps to 27.5 bps.
JPMorgan Chase Bank, NA is the administrative agent. SunTrust Bank and Wells Fargo Bank, NA are the syndication agents. J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC act as lead arrangers.
Ralcorp's obligations are unconditionally guaranteed by each of its existing and subsequently acquired or organized domestic subsidiaries that were required to guarantee the previous facility. The new revolver is secured by the pledge of 65% of the equity interests of Ralcorp's first-tier material foreign subsidiaries.
Ralcorp is a St. Louis-based manufacturer of private-brand food products and other regional and value-brand food products.
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