International Flavors amends facility with Citibank, extends to 2021

By Wendy Van Sickle

Columbus, Ohio, Dec. 5 – International Flavors & Fragrances Inc. and certain of its subsidiaries entered into an amendment to the company's credit agreement on Friday with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The changes include modifying the available tranches of the revolving loan facility under the credit agreement, extending the maturity date to Dec. 2, 2021 and increasing the ratio of net debt to consolidated EBITDA to 3.5 times from 3.25 times.

The filing states that tranche A of the facility is available to borrowers in dollars, euros, Swiss francs, Japanese yen and British pounds in a total amount up to an equivalent of about $564.1 million. There is a sublimit of $25 million for swingline borrowings.

Tranche B of the facility is available to borrowers in euros, Swiss francs, Japanese yen and British pounds in an amount up to the equivalent of roughly $385.9 million, with sublimits of €50 million and $25 million for swingline borrowings.

The maker of flavor and fragrances for food and consumer products is based in New York City.

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