Business Context and Reporting Period
Company: Mondelez International, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: February 18, 2026
Event: Entry into a new 364-Day Revolving Credit Agreement and termination of the prior facility.
Key Financial Metrics and Obligations
- New Facility Amount: $1.5 billion aggregate principal amount.
- Facility Type: Senior unsecured revolving credit facility.
- Term: 364 days, terminating on February 17, 2027.
- Interest Rate: Variable annual rate based on SOFR or base rate plus an applicable margin tied to the company's long-term senior unsecured debt rating.
- Minimum Shareholders' Equity Covenant: Must maintain not less than $25.0 billion (excluding accumulated other comprehensive income/losses and specific pension accounting adjustments).
- Administrative Agent: JPMorgan Chase Bank, N.A.
Material Changes Versus Prior Period
The company terminated its previous $1.5 billion 364-day senior unsecured revolving credit agreement dated February 19, 2025, to enter into the new agreement with identical principal capacity but updated terms and a new maturity date.
Guidance, Outlook, and Management Commentary
- Intended Use: General corporate purposes, working capital, and support for the commercial paper program.
- Expansion Option: The company may request an increase in the facility amount by up to $500 million with lender agreement.
- Extension Option: Outstanding loans may be extended to February 17, 2028, subject to prior notice and satisfaction of conditions.
- Reduction/Termination: The company retains the right to terminate or reduce unused commitments in whole or in part.
- Risks and Contingencies: The agreement contains customary representations, covenants, and events of default. The filing notes various existing relationships with lenders involving financial services and derivatives arrangements.
Important Facts for Investor Verification
- Verify the company's current shareholders' equity to ensure compliance with the $25.0 billion minimum covenant.
- Review the specific applicable margin tiers in the full agreement (Exhibit 10.1) to understand interest cost sensitivity to credit rating changes.
- Confirm the status of the commercial paper program to assess reliance on this new revolving facility for liquidity support.
- Monitor the company's credit rating, as it directly impacts the interest rate margin on this facility.