IFF has secured US$1bn loan refinancing, according to an SEC filing on 23 June.
The credit agreement with Wells Fargo will refinance the flavour and fragrance company’s $800m senior notes due on September 25 2026.
The new loan facility through 25 September 2026 matures on December 31 2027.
Proceeds from the sale of IFF’s food business, which is expected to close in the second quarter of 2027 and generate $3.8bn in net cash, will be used to repay the loan.
Cosmetics Business has contacted IFF for comment.
IFF agreed to sell its food ingredients division to private equity firm CVC for US$4.3bn on 1 June.
The deal is part of IFF’s efforts to transform its portfolio and will leave it focused on its “innovation driven” units, which include taste, scent, health and biosciences.
The global flavours and fragrance business will retain a minority 10% stake in the food ingredients business.
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