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IFF > SEC Filings for IFF > Form 8-K on 8-Apr-2014All Recent SEC Filings

Show all filings for INTERNATIONAL FLAVORS & FRAGRANCES INC

Form 8-K for INTERNATIONAL FLAVORS & FRAGRANCES INC


8-Apr-2014

Entry into a Material Definitive Agreement, Creation of a


Item 1.01. Entry into a Material Definitive Agreement.

On April 4, 2014, International Flavors & Fragrances Inc. (the "Company") and certain of its subsidiaries amended the Company's existing credit agreement with Citibank, N.A., as administrative agent, to, among other things (i) modify the available tranches of the revolving loan facility provided under the credit agreement (the "Facility"), (ii) reduce the applicable margin on the interest rate on advances under the Facility to 0.0% to 0.750% for base rate advances and 0.750% to 1.750% for Eurocurrency rate advances, depending on the Company's public debt rating, and (iii) extend the maturity date of the Facility until April 4, 2019. Tranche A of the Facility is available to borrowers in U.S. dollars, euros, Swiss francs, Japanese yen and British sterling in an aggregate amount up to an equivalent of approximately $456 million, with a sublimit of $25 million for swing line borrowings. Tranche B of the Facility is available to borrowers in euros, Swiss francs, Japanese yen and British sterling in an aggregate amount up to an equivalent of approximately $494 million, with sublimits of 50 million and $25 million for swing line borrowings.

The amendments were made pursuant to the Credit Agreement, dated as of November 9, 2011 and amended and restated as of April 4, 2014, among the Company, certain of its subsidiaries, the banks, financial institutions and other institutional lenders party thereto, and Citibank, N.A. as administrative agent (the "Amended Credit Agreement").

The lenders and other financial institutions that are party to the Amended Credit Agreement and their respective affiliates engage in financial advisory, investment banking, commercial banking or other transactions of a financial nature with the Company and its subsidiaries, including the provision of advisory services for which they receive certain fees, expense reimbursements or other payments.

The foregoing description of the Amended Credit Agreement is qualified in its entirety by the copy thereof which is filed herewith as Exhibit 10.1 and incorporated herein by reference.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above with respect to the Amended Credit Agreement is incorporated by reference in this Item 2.03 in its entirety.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1    Credit Agreement, dated as of November 9, 2011, Amended and Restated as of
        April 4, 2014, among International Flavors & Fragrances Inc.,
        International Flavors & Fragrances (Luxembourg) S. r.l., International
        Flavors & Fragrances (Nederland) Holding B.V., International Flavors &
        Fragrances I.F.F. (Nederland) B.V., IFF Worldwide (Gibraltar) Limited and
        IFF Aroma Esans Sanayi Ve Ticaret Anonim Sirketi, as borrowers, the banks,
        financial institutions and other institutional lenders party thereto, and
        Citibank, N.A. as administrative agent.


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