Business
SunOpta Inc. Adds Additional Strategic Partners to Its Banking Syndicate
SunOpta Inc. Adds Additional Strategic Partners to Its Banking Syndicate.
About this update from Sunopta Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, July 5 /CNW/ - SunOpta Inc. (Nasdaq:STKL) (TSX:SOY) announced\ntoday that they have completed an expansion of their existing credit\nfacilities and have added Rabobank and HSBC Bank to its banking syndicate. As\npart of this facility expansion, SunOpta has increased its available operating\nlines of credit by $30 million and added a $20 million acquisition facility\navailable for future strategic acquisition or internal growth opportunities.\nThe additional operating line replaces other credit facilities that were\nconsolidated earlier in the year and increases operating line availability to\napproximately $85 million under one credit agreement. SunOpta also has term\ndebt outstanding under this facility of approximately $54 million.\n\n\nBank of Montreal will continue to act as the agent bank for the facility\nand a majority of the term debt will continue to be held by three life\ninsurance companies.\n\n\nJohn Dietrich, Vice President and Chief Financial Officer of SunOpta\ncommented, "the addition of HSBC and Rabobank strengthens our syndicate by\nadding two very well regarded multinational banks that have numerous\nresources, capabilities and relationships in many of the countries where we\ncurrently source product or are exploring future strategic alliances. We\nexpect that these relationships will be critical to SunOpta's future growth\nwhich is expected to include expansion beyond North America."\n\n\nAbout SunOpta Inc.\n\n\nSunOpta Inc. is an operator of high-growth ethical businesses, focusing\non integrated business models in the natural and organic food, supplements and\nhealth and beauty markets. The Company has three business units: the SunOpta\nFood Group, which specializes in sourcing, processing and distribution of\nnatural and organic food products integrated from seed through packaged\nproducts; the Opta Minerals Group, a producer, distributor, and recycler of\nenvironmentally friendly industrial materials; and the SunOpta BioProcess\nGroup which engineers and markets proprietary steam explosion technology\nsystems for the pulp, bio-fuel and food processing industries. Each of these\nbusiness units has proprietary products and services that give it a solid\ncompetitive advantage in its sector.\n\n\nForward-Looking Statements\n\n\nCertain statements included in this press release may c...