Starbucks (NASDAQ:SBUX) announced today the renewal of its unsecured, revolving credit facility, which increases borrowing capacity from $500 million to $750 million. Altogether, the new credit facility will increase total aggregate commitments up to $1.5 billion, compared to $1 billion under previous terms, and will mature on Feb. 5, 2018 rather than Nov. 17, 2014. Any funds borrowed under the agreement will add to the company's operational cash flow, and can be used for general, corporate purposes -- including matters relating to working capital, capital expenditures, share repurchases, and potential growth opportunities.

According to Troy Alstead, Starbucks chief financial officer:

Our new credit agreement increases our borrowing capacity significantly, while lowering our cost of credit and extending the availability of funds for the next five years. Augmenting Starbucks already strong cash flow generation, this credit facility will provide the company with the flexibility and resources to effectively manage our business and pursue additional opportunities to build shareholder value.

Starbucks has hired Bank of America (NYSE:BAC) as the administrative agent, swing line lender, and letter of credit issuer for the facility. The company has also hired Wells Fargo (NYSE:WFC) and Citibank (NYSE:C) to serve as co-syndication agents. The remaining syndicate group is comprised of relationship banks.