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Maple Leaf Foods Announces New $2 Billion Credit Facility
Maple Leaf Foods Announces New $2 Billion Credit Facility Canada NewsWire MISSIS...
About this update from Maple Leaf Foods Inc.
[{"type":"text","content":"\n\n\n\nMaple Leaf Foods Announces New $2 Billion Credit Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, April 30, 2019\n\n\n\nTSX: MFI www.mapleleaffoods.com\n MISSISSAUGA, ON, April 30, 2019 /CNW/ - Maple Leaf Foods Inc. (\"Maple Leaf\" or the \"Company\") (TSX: MFI) announced today that it has closed a $2 billion funding arrangement with its existing banking syndicate. The new credit facility consists of an unsecured committed revolving line of credit and two unsecured committed term facilities.  The size and unsecured structure of the new credit facility provides the Company with enhanced liquidity and financial flexibility. \n\n \n \n\n \n\"We are very pleased with our new credit facility and the strong and continued support received from our banking partners,\" said Debbie Simpson, Chief Financial Officer. \"This new facility provides us increased capacity to fund strategic growth initiatives, a key step towards achieving our financial and business goals.\"\nThe $1.3 billion unsecured committed revolving line of credit matures April 30, 2024, and the two unsecured committed term facilities of US$265.0 million and CDN$350.0 million, mature April 30, 2024, and April 30, 2023, respectively. The new credit facility refinances and replaces the Company's existing $400.0 million and $250.0 million credit facilities, which mature on October 19, 2021, and November 7, 2019, respectively.  \nThe new facility bears interest based on short-term interest rates and is intended to meet the Company's funding requirements for investment in the construction of its two new recently announced manufacturing facilities in London, Ontario, and Shelbyville, Indiana, in addition to providing appropriate liquidity levels for the Company and general corporate purposes. \nThe lending syndicate for the new facility comprised nine financial institutions with BMO Capital Markets acting as Sole Book Runner and BMO Capital Markets, Scotiabank, RBC, CIBC, and Rabobank Canada as Co-Lead Arrangers. Four additional lenders participated. \nForw...