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Oatly signs commitment letters to amend revolver, $125 million term loan
By Mary-Katherine Stinson
Lexington, Ky., March 15 – Oatly Group AB signed commitment letters on March 15 to amend its sustainable revolving credit facility agreement and to document a $125 million term loan B credit facility agreement, according to a press release.
On March 15, the company entered into a commitment letter renewing the company’s sustainable revolving credit facility on a secured and guaranteed basis for a 3.5-year period with a one-year uncommitted extension option with commitments of SEK 2.1 billion, coupled with an uncommitted incremental revolving facility option of up to SEK 500 million.
The renewal includes a reset of the financial covenants and an amendment of certain covenants.
On March 15, the company also entered a commitment letter with Silver Point Capital, LP for a $125 million commitment for a secured and guaranteed term loan B credit agreement.
The five-year term loan agreement bears interest at an initial margin of SOFR plus 750 basis points with a reference rate floor.
There are customary negative covenants and certain financial covenants align with those of the amended sustainable revolving credit facility.
Each of the commitments are valid for 60 days and are subject to execution of satisfactory long-form documentation and satisfaction of the agreed conditions.
J.P. Morgan is acting as lead left arranger and sole physical bookrunner, and Nordea Bank and Rabobank are joint bookrunners, on the term loan B offering.
White & Case is acting as counsel to the company in connection with the transactions.
Malmo, Sweden-based Oatly is a Swedish oat milk company.
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