Seaboard gets $250 million 364-day revolver at Libor plus 162.5 bps

By Wendy Van Sickle

Columbus, Ohio, May 28 – Seaboard Corp. and Seaboard Foods LLC entered into a credit agreement on May 21 providing for a 364-day $250 million revolver, according to an 8-K filed with the Securities and Exchange Commission.

CoBank, ACB is the administrative agent and bookrunner and is a join lead arranger with Farm Credit Services of America, PCA.

The company may increase the capacity by up to an additional $100 million.

Borrowings bear interest at Libor plus 162.5 basis points.

The credit agreement contains the same covenants as the company’s term loan, including restrictions on Seaboard’s ability to grant liens on assets, incur debt, make certain acquisitions, investments and asset dispositions in excess of specified amounts and make certain restricted payments and dividends and distributions to shareholders in excess of specified amounts.

Proceeds are to be used for general corporate purposes.

Seaboard is a Shawnee Mission, Kan.-based agribusiness and transportation company.

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