Company: THS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001320695-25-000089
Chunk: 57

Company: TreeHouse Foods, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 primarily due to $43.9 million of non-recurring common stock repurchases during the first three months of 2024 and cash inflows from the Revolving Credit Facility of $25.0 million in the first three months of 2025. This was partially offset by debt issuance costs related to the debt refinancing that occurred in January 2025. 

Debt Obligations

On January 17, 2025, the Company entered into the Third Amended and Restated Credit Agreement (the "Credit Agreement"), among the Company, the lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer. The Credit Agreement amends, restates and replaces the prior Credit Agreement. Pursuant to the Credit Agreement, the Company (i) continued and extended the maturity of the Revolving Credit Facility and the Term Loans, (ii) decreased the aggregate size of the Term Loan A to $480.0 million and (iii) decreased the aggregate size of the Term Loan A-1 to $425.0 million.

At March 31, 2025, we had $480.0 million outstanding under Term Loan A, $425.0 million outstanding under Term Loan A-1, $500.0 million of the 2028 Notes outstanding, and $4.3 million of finance lease obligations.

As of March 31, 2025, the Company had $25.0 million drawn from its $500.0 million Revolving Credit Facility. The Company had remaining availability of $443.1 million under the Revolving Credit Facility, and there were $31.9 million in letters of credit under the Revolving Credit Facility that were issued but undrawn, which have been included as a reduction to the calculation of available credit.

The Company has long-term interest rate swap agreements to fix the interest rate base in order to mitigate the Company's exposure to interest rate risk. As of March 31, 2025, we have an outstanding variable-rate debt balance of $930.0 million, and our interest rate swap agreements have a notional value of $875.0 million. Under the terms of the agreements, these interest rate swaps mature on February 29, 2028. As a result, our variable-rate debt is nearly fully hedged with our fixed rate interest rate swaps through 2028.

The Credit Agreement contains various financial and restrictive covenants and requires that the Company maintain a