INGREDION INCORPORATED (NYSE:INGR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
As described in Item 1.01 below, on August18, 2017, Ingredion
Incorporated (the Company) entered into a Term Loan Credit
Agreement, dated as of August18, 2017 (the Term Loan Credit
Agreement), among the Company, the lenders signatory thereto,
Bank of America, N.A. (Bank of America), as Administrative Agent,
and Merrill Lynch, Pierce, Fenner Smith Incorporated, as Sole
Bookrunner and Sole Lead Arranger.
Item 1.01 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
On August18, 2017, the Company entered into the Term Loan Credit
Agreement to establish a new 18month senior unsecured term loan
credit facility in an amount of up to $500 million.On August23,
2017, the Company borrowed $ 140 million under the Term Loan
Credit Agreement. Borrowings under the Term Loan Credit Agreement
are to be used for general corporate purposes.
All borrowings under the Term Loan Credit Agreement will bear
interest at a variable annual rate based on LIBOR or a base rate,
at the Companys election, subject to the terms and conditions
thereof, plus, in each case, an applicable margin. The Company is
required to pay a fee on the unused availability under the Term
Loan Credit Agreement.
The Term Loan Credit Agreement contains customary
representations, warranties, covenants and events of default for
facilities of its type, including restrictions on the incurrence
of liens, the incurrence of indebtedness by the Companys
subsidiaries andcertain fundamental changes involving the Company
and its subsidiaries, subject to certain exceptions in each case.
The Company must alsomaintain a specified consolidated leverage
ratio and consolidated interest coverage ratio.The occurrence of
an event of default under the Term Loan Credit Agreement could
result in all loans and other obligations being declared due and
payable and the term loan credit facility being terminated.
The foregoing description of the Term Loan Credit Agreement is
qualified in its entirety by reference to the complete terms and
conditions of the Term Loan Credit Agreement, a copy of which is
filed herewith as Exhibit4.1 and incorporated herein by
reference.
Item 1.01 Financial Statements and Exhibits.
(d)Exhibits
The following exhibit is being furnished as part of this report:
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ExhibitNumber |
Description |
|
4.1 |
Term Loan Credit Agreement dated as of August18, 2017, |
1
Ingredion Inc ExhibitEX-4.1 2 ex-4d1.htm EX-4.1 ingr_Ex4_1 EXHIBIT 4.1 TERM LOAN CREDIT AGREEMENTdated as ofAugust 18,…To view the full exhibit click here
About INGREDION INCORPORATED (NYSE:INGR)
Ingredion Incorporated (Ingredion) is a global ingredients solutions provider. The Company is engaged in the production and sale of starches and sweeteners for a range of industries. Its operations are classified into four segments: North America, South America, Asia Pacific, and Europe, Middle East and Africa (EMEA). The Company’s North America segment includes businesses in the United States, Canada and Mexico. The South America segment includes businesses in Brazil, Colombia, Ecuador and the Southern Cone of South America, which includes Argentina, Chile, Peru and Uruguay. Ingredion’s Asia Pacific segment includes businesses in South Korea, Thailand, Malaysia, China, Japan, Indonesia, the Philippines, Singapore, India, Australia and New Zealand. Its EMEA segment includes businesses in the United Kingdom, Germany, South Africa, Pakistan and Kenya. The Company’s product line includes starches and sweeteners, animal feed products and edible corn oil.