Flowers Foods amends $500 million five-year revolver, cutting pricing

By Susanna Moon

Chicago, Nov. 19 - Flowers Foods, Inc. said it amended its $500 million five-year senior unsecured revolving loan facility, pushing out the maturity and improving pricing.

The facility includes a one-year maturity extension option and allows the company to request up to $700 million of additional commitments, according to a company press release.

Proceeds will be used for working capital and general corporate purposes, including capital expenditures, acquisition financing, refinancing of indebtedness, dividends and share repurchases.

Other details of the new terms were not included in the company's press release announcing the amendment, but the company called the pricing cuts "modest."

"Amending and extending the credit facility improves our capital structure, providing a solid debt capital base and continued source of liquidity," R. Steve Kinsey, executive vice president and chief financial officer of the company, said in the release.

"This amendment to our credit facility positions us to take advantage of an assortment of opportunities as we work to achieve our expansion goals."

Flowers is a Thomasville, Ga.-based producer and marketer of packaged bakery foods for retail and foodservice customers.

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