On April 28, 2026, McCormick entered into a Term Loan Agreement with Citibank, N.A. as administrative agent, under which it can borrow up to $2.0 billion at the closing of the Merger, with the facility maturing 3 years after the Closing Date.

1. 01

   On April 28, 2026, McCormick entered into a Term Loan Agreement with Citibank, N.A. as administrative agent, under which it can borrow up to $2.0 billion at the closing of the Merger, with the facility maturing 3 years after the Closing Date.

2. 02

   The company will borrow at a floating rate of either Term SOFR plus a margin of 0.750% to 1.500% or Base Rate plus a margin of 0.000% to 0.500%, and must maintain a ratio of Consolidated EBITDA to Interest Expense of at least 3.75:1.00 on the last day of each fiscal quarter.

3. 03

   McCormick will pay a ticking fee at an annual rate of 0.10% on the undrawn portion of the commitments from July 29, 2026 until the earlier of termination or expiration of the commitments or the Closing Date.

4. 04

   The company said it terminated $2.0 billion of the $15.7 billion 364-day Bridge Facility commitments entered into on March 31, 2026 effective April 28, 2026, and expects to borrow the committed amounts available under the Term Loan Agreement in lieu thereof.

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Original filing

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