International Flavors amends facility with Citibank, lowering interest

By Jennifer Chiou

New York, April 8 - International Flavors & Fragrances Inc. and certain of its subsidiaries entered into on April 4 an amendment to the company's credit agreement 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, reducing interest to Libor plus 75 bps to 175 bps and extending the maturity date to April 4, 2019.

The filing stated that tranche A of the facility is available to borrowers in dollars, euros, Swiss francs, Japanese yen and British sterling in an aggregate amount up to an equivalent of about $456 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 sterling in an amount up to the equivalent of roughly $494 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.