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K > SEC Filings for K > Form 8-K on 4-Mar-2014All Recent SEC Filings

Show all filings for KELLOGG CO

Form 8-K for KELLOGG CO


4-Mar-2014

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation


Item 1.01. Entry into a Material Definitive Agreement.

On February 28, 2014 (the "Effective Date"), Kellogg Company and one or more designated subsidiaries (the "Borrowers") entered into an unsecured Five-Year Credit Agreement dated as of February 28, 2014 (the "New Credit Facility") with 24 lenders (the "Lenders"), JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC, as Syndication Agent, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch and Wells Fargo Bank, N.A., as Documentation Agents, J.P. Morgan Securities LLC, Barclays Bank PLC, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners.

On the Effective Date, in connection with entering into the New Credit Facility, Kellogg Company terminated its existing Four-Year Credit Agreement dated as of March 4, 2011 (the "Old Credit Facility") with the lenders who were a party to that agreement, JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Capital, as Syndication Agent, BNP Paribas, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch and Wells Fargo Bank, N.A., as Documentation Agents, J.P. Morgan Securities LLC, Barclays Capital, BNP Paribas Securities Corp., Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners. The description of the Old Credit Agreement in this Current Report on Form 8-K is qualified in its entirety by reference to the complete text of the Old Credit Agreement, a copy of which was filed as Exhibit 4.1 to our Current Report on Form 8-K dated March 4, 2011, and is incorporated by reference herein.

The New Credit Facility allows the Borrowers, for the fees and expenses and at the interest rates specified therein, to borrow, on a revolving credit basis up to US $2,000,000,000 (or the equivalent in other currencies) at any time outstanding, to obtain letters of credit in an aggregate stated amount not to exceed US $75,000,000 at any time outstanding, to obtain U.S. swingline loans in an aggregate principal amount not in excess of US $200,000,000 at any time outstanding and European swingline loans in an aggregate principal amount not in excess of US $400,000,000 at any time outstanding and to provide a procedure for the Lenders to bid on an uncommitted basis on short-term borrowings by the Borrowers.

The New Credit Facility contains customary covenants and warranties, including specified restrictions on indebtedness, liens and an interest expense coverage ratio that requires the ratio of Consolidated EBITDA to Consolidated Interest Expense to be no less than 4.0 to 1.0 for any four consecutive fiscal quarters. It also contains customary Events of Default (as defined in the New Credit Facility). If an Event of Default occurs, then, to the extent permitted in the New Credit Facility, the Administrative Agent may terminate the commitments under the New Credit Facility, accelerate any outstanding loans under the New Credit Facility and demand the deposit of cash collateral equal to the Lenders' letter of credit exposure plus interest thereon under the New Credit Facility.

Many of the Lenders have in the past performed, and may in the future from time to time perform, investment banking, financial advisory, lending and/or commercial banking services, or other services for Kellogg Company and is subsidiaries, for which they have received, and may in the future receive, customary compensation and expense reimbursement.


On the Effective Date, no borrowings were outstanding under either the New Credit Facility or the Old Credit Facility.

The description of the New Credit Agreement in this Current Report on Form 8-K is qualified in its entirety by reference to the complete text of the New Credit Agreement, a copy of which is filed as Exhibit 4.1 hereto and is incorporated herein by reference.



Item 2.03. Creation of a Direct Financial Obligation of a Registrant.

The information set forth under Item 1.01 is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit 4.1    Five-Year Credit Agreement Credit Agreement dated as of February 28,
               2014 with 24 lenders, JPMorgan Chase Bank, N.A., as Administrative
               Agent, Barclays Bank PLC, as Syndication Agent, Cooperatieve
               Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New
               York Branch and Wells Fargo Bank, N.A., as Documentation Agents,
               J.P. Morgan Securities LLC, Barclays Bank PLC, Cooperatieve Centrale
               Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York
               Branch and Wells Fargo Securities, LLC, as Joint Lead Arrangers and
               Joint Bookrunners.


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