Company: CHD
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000950170-25-019801
Chunk: 219

Company: CHURCH & DWIGHT CO INC /DE/
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 219
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Under the Company’s commercial paper program, the Company may issue commercial paper notes up to an aggregate principal amount outstanding at any given time of $1,500.0.  The maturities of the notes will vary but may not exceed 397 days.  The interest rates on the notes will vary based on market conditions and the ratings assigned to the notes by the rating agencies designated in the agreement at the time of issuance.  Subject to market conditions, the Company intends to utilize the commercial paper program as its primary short-term borrowing facility.  If, for any reason, the Company is unable to access the commercial paper market, the Company's Revolving Credit Facility would be utilized to meet the Company’s short-term liquidity needs.  The Company did not have any commercial paper outstanding as of December 31, 2024 or 2023. As of December 31, 2024, the Company had approximately $1,494.0 available through the Revolving Credit Facility and commercial paper program.    December 22, 2024 Term LoanOn December 22, 2021, the Company entered into a $400.0 unsecured term loan facility (as amended on June 16, 2022, the “Term Loan Facility”) with various banks.  The loan under the Term Loan Facility (the "Term Loan") was fully drawn at closing.  The Term Loan was due on December 22, 2024, but was prepaid in full by the end of the first quarter of 2024.  The interest rate was the Secured Overnight Financing Rate (“SOFR”) plus a spread and an applicable margin based on the Company’s credit rating, which can range from 60 basis points to 125 bps.  The proceeds of the Loan were used to partially fund the TheraBreath Acquisition, with the remaining proceeds used for the repayment of commercial paper.  In 2023, the Company repaid $200.0 of the Term Loan with cash on hand and commercial paper borrowings.  In the first quarter of 2024, the Company repaid the remaining $200.0 of the Term Loan with cash on hand.The Term Loan Facility also contains customary events of default, including failure to make certain payments under the Term Loan Facility when due, breach of covenants, materially incorrect representations and warranties, default on other material indebtedness, events of bankruptcy, material adverse judgments, certain events relating to pension plans, the failure of any of the loan documents to remain in full force