The company will receive $450 million through the “revolving credit facility”.
ABL Advisor reported on the credit agreement, worth $450 million (€354 million), between Sensient Technologies Corporation and nine US banks, including Wells Fargo and KeyBank, who are operating as Administrative Agent and Syndication Agent respectively on the agreement.
The credit “facility” transaction consists of a five year revolver – a loan without a fixed number of repayments – worth $350 million (€275 million) and a $100 million (€78 million) loan that will be “used to refinance current bank debt and for general corporate purposes”. The agreement was posted as an SEC (Securities Exchange Commission) filing, with the “amended and restated credit agreement” replacing a previous $350 million revolver that “matures” in April 2016.
Paul Manning, President and CEO at Sensient Technologies Corporation, commented: “This facility provides Sensient with access to ample liquidity for the next five years. The transaction was significantly oversubscribed and we are very pleased with the support from our bank group.”