Summary by Moomoo AI
On June 7, 2024, The Estée Lauder Companies Inc. announced the establishment of a new $2.5 billion senior unsecured revolving credit facility, replacing its previous $2.5 billion facility from 2021. The new credit agreement involves the company, its eligible subsidiaries, various lenders, and JPMorgan Chase Bank, N.A. as the administrative agent. This facility, which commenced on the same day, will be available for five years, expiring on June 7, 2029, with an option to extend for two additional years. It allows for multicurrency loans and the issuance of letters of credit, with a provision to increase the facility by up to $500 million. The agreement includes customary covenants and events of default. Concurrently, Estée Lauder terminated its 2021 credit agreement. The company stated that the loans under the new agreement would be used for general corporate purposes.