Oatly closes on revolver amendment, $130 million term loan B

Chicago, April 19 – Oatly Group AB announced a $130 million term loan facility that was committed as a term loan B and announced in mid-March was funded on Tuesday, according to a 6-K filing with the Securities and Exchange Commission.

The company also amended and restated its sustainable revolver on Wednesday, as contemplated by the commitment letter.

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 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.

JPMorgan was acting as lead left arranger and sole physical bookrunner and Nordea Bank and Rabobank are joint bookrunners on the term loan B offering.

Malmo, Sweden-based Oatly is a Swedish oat milk company.

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