Sanderson gets new, increased credit for future growth
by MBJ Staff
Published: October 25,2013
LAUREL — Sanderson Farms Inc.’s existing revolving credit facility through a consortium of banks has been increased from $500 million to $600 million.
The credit remains unsecured and certain covenants related to the poultry company’s financial condition and capital expenditure needs have been amended in anticipation of Sanderson’s future growth plans.
In addition, the termination date has been extended to Oct. 24, 2018, unless otherwise extended. As of Oct. 24, 2013, the company had no outstanding borrowings under the then existing revolving credit facility, but Sanderson did have approximately $11.0 million outstanding letters of credit under the credit facility.
Joe F. Sanderson Jr., chairman and CEO of Sanderson Farms, said, “We are pleased to make these amendments to our credit facility to support our strategic growth plan for the next five years, including the construction of our new poultry complex in Palestine, Texas. We appreciate the support of our bank group and we believe the amended terms and covenants reflect their confidence in the future of Sanderson Farms.”
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