J.M. Smucker signs $650M term loan and $2.0B revolver to refinance $1.0B in notes
On March 7, 2025, J.M. Smucker entered into a $650.0 million unsecured term loan maturing March 7, 2027, and a $2.0 billion unsecured revolving credit facility maturing March 7, 2030, with Bank of America, N.A. as administrative agent for both. The term loan will partly fund repayment of $1.0 billion in 3.50% senior notes due March 15, 2025, with the remainder to be financed through cash on hand and commercial paper borrowings. Both agreements require the company to keep an interest coverage ratio of at least 3.50 to 1.00 at each fiscal quarter-end.
Key points
- $650.0 million unsecured term loan matures March 7, 2027; proceeds partly fund repayment of $1.0 billion 3.50% senior notes due March 15, 2025
- Remainder of the note repayment to be financed with cash on hand and commercial paper borrowings
- $2.0 billion unsecured revolving credit facility matures March 7, 2030; proceeds may refinance existing debt and fund general corporate and working capital needs
- Both facilities require an interest coverage ratio of at least 3.50 to 1.00, tested at each fiscal quarter-end
The filing
Written by AI on Nov 8, 2026, 1:12 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 07, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.