Imperial Sugar gets new $100 million revolver

By Sara Rosenberg

New York, Dec. 1 - Imperial Sugar Co. closed on a new $100 million senior revolving credit facility, with a seasonal increase up to $125 million, due December 2008, according to a company news release.

Bank of America was the lead bank on the deal.

This new revolver provides the company with more favorable pricing, terms and capital structure features than the existing revolver that was entered into in December 2002.

"The company is extremely pleased with the closing of this facility, and views this as a further confirmation of our strong financial position," said Robert A. Peiser, president and chief executive officer, in the release. "Since 2002 Imperial has repaid all its bank term debt and accesses the revolving line for letters of credit and relatively short-term, seasonal working capital needs.

"We appreciate the support of the original bank group lenders and look forward to continuing to improve upon our relationships with the financial community as we execute on our strategy to evolve our business to a more value-added approach in the marketplace."

Imperial Sugar is a Sugar Land, Texas-based processor and marketer of refined sugar.

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