International Flavors & Fragrances Inc. entered into a new $1.0 billion senior unsecured delayed-draw term loan facility on June 23, 2026, giving the company financing capacity to refinance upcoming debt maturities tied to its euro-denominated senior notes. The agreement, reported under Items 1.01 and 2.03 of the Form 8-K, was signed with Wells Fargo Bank, National Association, serving as administrative agent, and a syndicate of lenders. The facility allows IFF to make a single borrowing in U.S. dollars through September 25, 2026. Any amounts drawn cannot be reborrowed, and the loan matures on December 31, 2027. IFF said proceeds from the facility, together with cash on hand, will be used to refinance its €800 million aggregate principal amount of 1.800% Senior Notes due September 25, 2026. The structure therefore provides bridge-like financing ahead of the maturity of those notes, while preserving flexibility until the September draw deadline. Borrowings under the term loan will bear interest at Term SOFR plus an applicable margin ranging from 0.875% to 1.500% per year, depending on IFF’s public debt ratings. Alternatively, at the company’s election, borrowings may bear interest at a base rate plus an applicable margin ranging from 0.000% to 0.500% per year. The company will not pay a commitment fee on the facility. A key feature of the agreement is a mandatory prepayment requirement tied to IFF’s pending sale of its Food Ingredients business segment. The credit agreement requires IFF to prepay outstanding borrowings with 100% of the net cash proceeds received from the sale or other disposition of any material portion of that business. IFF noted that it previously entered into an agreement to sell the Food Ingredients business, a transaction expected to generate approximately $3.8 billion in net cash proceeds and close by the end of the second quarter of 2027. Any required prepayment must be made within ten business days after IFF receives the proceeds. If those sale proceeds are received before the facility is funded, the commitments under the facility will be automatically reduced by an equivalent amount. The term loan agreement includes representations and warranties, negative covenants and default provisions that IFF said are substantially consistent with those in its existing $2.0 billion revolving credit facility under its Fourth Amended and Restated Credit Agreement dated June 25, 2025, with Citibank, N.A. as administrative agent. The financial covenant requires IFF to maintain a maximum net debt to consolidated EBITDA ratio of 3.75 to 1.00. IFF also disclosed that certain lenders under the new term loan agreement, and their affiliates, have provided or may provide commercial banking, investment banking and other financial advisory services to the company for customary fees and expenses. The filing included the full Term Loan Credit Agreement as Exhibit 10.1 and was signed on behalf of IFF by Stephen Landsman, Executive Vice President and General Counsel, on June 23, 2026.