Related Searches: Tea Vitamin Nutrients Ingredients paper cup packing

Food & Health Ingredients
Health & Nutrition
Processing & Packaging
Starch & Starch Derivatives

Canada’s Maple Leaf Foods secures $1.48bn credit facility

foodprocessing-technology 2019-05-16
Share       

Canadian consumer packaged meats company Maple Leaf Foods announced that it has secured a C$2bn ($1.48bn) credit facility with its existing banking syndicate.

The funding arrangement includes an unsecured committed revolving line of credit and two unsecured committed term facilities.

Maple Leaf Foods chief financial officer Debbie Simpson said: “We are very pleased with our new credit facility and the strong and continued support received from our banking partners.

“This new facility provides us increased capacity to fund strategic growth initiatives, a key step towards achieving our financial and business goals.”

“This new facility provides us increased capacity to fund strategic growth initiatives, a key step towards achieving our financial and business goals.”

The banking syndicate included nine financial institutions, wher BMO Capital Markets served as the sole book runner and BMO Capital Markets, Scotiabank, RBC, CIBC and Rabobank Canada acted as the co-lead arrangers. Four additional lenders participated in the funding arrangement.

The C$1.3bn ($971m) unsecured committed revolving line of credit mature on 30 April 2024, and the two unsecured committed term facilities of $265m and C$350m ($261m), mature on 30 April 2024, and 30 April 2023.

With the facility, Maple Leaf intends to fund the construction of two manufacturing facilities in London, Ontario, and Shelbyville, Indiana, and achieve appropriate liquidity levels for the company and other general corporate purposes.

The credit facility refinances and replaces the company’s existing C$400m ($298m) and C$250m ($186m) credit facilities, which will be maturing on 19 October 2021, and 7 November this year.

Last November, Maple Leaf Foods announced its plans to build poultry facility in London, Ontario, with an investment of C$660m ($497m).

Maple Leaf’s 640,000ft² facility will be equipped with advanced technology and processes to ensure food safety, environmental sustainability and animal welfare.

E-newsletter

Subscribe to our e-newsletter for the latest food ingredients news and trends.

Tags

Recommended Products

Queen Bee Mother Dry Powder

Queen Bee Mother Dry Powder

1.Bamboo Charcoal powder 260g

1.Bamboo Charcoal powder 260g

Soybean Sterols

Soybean Sterols

Potassium sulfate

Potassium sulfate

Top

SJGLE B2B Website : 中文版 | ChineseCustomer Service: 86-400 610 1188-3 ( Mon-Fri 9: 00-18: 00 BJT)

About Us|Contact Us|Privacy Policy|Intellectual Property Statement

Copyright 2006-2023 Shanghai Sinoexpo Informa Markets International Exhibition Co Ltd (All Rights Reserved). ICP 05034851-121