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MDLZ > SEC Filings for MDLZ > Form 8-K on 24-Sep-2012All Recent SEC Filings

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Form 8-K for KRAFT FOODS INC


24-Sep-2012

Termination of a Material Definitive Agreement, Other Events


Item 1.02. Termination of a Material Definitive Agreement

On September 18, 2012, our wholly owned subsidiary, Kraft Foods Group, Inc., provided notice to Barclays Bank PLC, as co-administrative agent and paying agent under the revolving credit agreement referred to below, of its optional election to terminate all of the lenders' commitments under the 364-Day Revolving Credit Agreement among Kraft Foods Group, Inc., as borrower, Kraft Foods Inc., as guarantor, Barclays Capital, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBS Securities Inc., as joint bookrunners, Barclays Bank PLC and JPMorgan Chase Bank, N.A., as co-administrative agents, and the lenders and other agents party thereto. We were the guarantor of Kraft Foods Group's obligations under the revolving credit agreement until the consummation of our previously announced spin-off of Kraft Foods Group, our North American grocery business, to our shareholders or the termination of the revolving credit agreement. The revolving credit agreement was scheduled to terminate on March 7, 2013. The initial aggregate principal amount available to us under the revolving credit agreement was $4 billion. No borrowings were outstanding under the revolving credit agreement as of the termination date referred to below.

Effective September 24, 2012, Kraft Foods Group repaid in full all of its obligations under the revolving credit agreement, including accrued fees and other amounts owing to the lenders. This amount did not include any material prepayment penalties or breakage costs or fees. Upon making these payments, (1) our and Kraft Foods Group's obligations under the revolving credit agreement were satisfied in full and (2) the revolving credit agreement was immediately terminated other than customary provisions expressly specified to survive termination.

Some of the lenders under the revolving credit agreement and their affiliates have various relationships with us and our subsidiaries involving the provision of financial services, including cash management, investment banking and trust services. In addition, we and certain of our subsidiaries have entered into foreign exchange and other derivatives arrangements with certain of the lenders and their affiliates.



Item 8.01. Other Events

On September 24, 2012, Kraft Foods Inc. issued a press release announcing that we have redeemed our $800,000,000 Floating Rate Notes due 2013 (the "Notes") at a price equal to 100% of the aggregate principal amount of the Notes, plus any accrued and unpaid interest on the Notes.

A copy of the press release is filed as Exhibit 99.1 to this current report.

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