Conagra Brands Inc.
Conagra Brands Enters Into $300 Million Term Loan Agreement
Summary
On April 29, 2024, Conagra Brands, Inc. entered into a Term Loan Agreement with Bank of America, N.A., providing for term loans to the Company in an aggregate principal amount of $300.0 million. The term loan facility matures on April 29, 2025 and is unsecured. The term loans will bear interest at the Company's election, either at the sum of Term SOFR plus 1.15% per annum plus a 0.10% per annum rate spread adjustment or at 0.15% per annum plus the alternate base rate. The Term Loan Agreement contains customary affirmative and negative covenants for unsecured investment grade credit facilities of this type and financial covenants requiring compliance with a maximum net leverage ratio and a minimum interest coverage ratio.
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About Conagra Brands Inc.
Conagra Brands Inc. is a prominent player in the packaged foods industry, focusing on delivering a wide array of frozen, refrigerated, and shelf-stable food products primarily for consumer consumption. The company is renowned for its diverse portfolio of trusted brands that include names like Healthy Choice, Marie Callender's, Banquet, and Slim Jim, which cater to a range of dietary needs and preferences. Through innovative product development and a commitment to quality, Conagra Brands addresses the evolving food trends and consumer demands for convenient meal solutions and snacks. As a significant entity in the consumer staples sector, Conagra Brands plays a critical role in grocery retail and food services markets, maintaining a strong presence across North America. The company's strategic initiatives aim to enhance shareholder value through operational efficiency, brand expansion, and sustainable practices, cementing its market position as a staple in kitchens worldwide. Headquartered in Chicago, Illinois, Conagra Brands continues to adapt and innovate to meet changing consumer lifestyles and preferences.
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