Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
SXT > SEC Filings for SXT > Form 8-K on 7-Oct-2008All Recent SEC Filings

Show all filings for SENSIENT TECHNOLOGIES CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SENSIENT TECHNOLOGIES CORP


7-Oct-2008

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

The information set forth under Item 2.03 of this Report on Form 8-K is hereby incorporated by reference into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On October 7, 2008, Sensient Technologies Corporation entered into a senior unsecured term loan Credit Agreement (the "Agreement") that will allow Sensient to make one or more borrowings on or before April 1, 2009 for an aggregate amount of $85.0 million. The term loan(s) mature as of June 15, 2012, and will be made by a group of banks (including Wells Fargo Bank, National Association, as Arranger and Administrative Agent and the other banks identified on Exhibit 10.1 hereto). Interest is payable at floating rates based (at Sensient's election) on either: (1) the higher of (a) the prime rate or (b) the federal funds rate plus 0.5%, in either case plus a margin (initially 75 basis points but subject to increase or decrease as Sensient's leverage ratio weakens or improves); or (2) a Eurodollar base rate derived from LIBOR plus a margin (initially 225 basis points but subject to increase or decrease as Sensient's leverage ratio weakens or improves).
Among other requirements, the Agreement requires Sensient to maintain (1) a ratio of consolidated total funded debt to consolidated EBITDA (Leverage Ratio) of not more than 3.50 to 1, (2) a fixed charge coverage ratio of not less than 2.00 to 1.00, and (3) a consolidated adjusted net worth of at least $575.4 million plus 50% of its consolidated net earnings for each completed fiscal quarter beginning with the quarter ended September 30, 2008. The Agreement also includes other financial covenants similar to those in Sensient's current bank facility, which is continuing.
The foregoing is intended to be a general description of the Agreement but does not constitute a full description of it. Reference is made to the full Agreement, which is attached as Exhibit 10.1, and to the related press release, which is furnished as Exhibit 99.1.
The proceeds of the loan(s) under the Agreement will be used for refinancing a portion of Sensient's approximately $150 million of senior notes maturing in April 2009.
Item 9.01 Financial Statements and Exhibits.

The following exhibits are furnished with this Report on Form 8-K:

Exhibit 10.1 Credit Agreement dated as of October 7, 2008

Exhibit 99.1: Sensient Technologies Corporation Press Release dated October 7, 2008


Table of Contents

  Add SXT to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for SXT - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.