United Agri anticipates increase of term loan add-on to $225 million

By Jennifer Chiou

New York, Oct. 5 - United Agri Products Inc. expects to increase the size of its senior secured term loan add-on to $225 million from $150 million, according to a 10-Q filing with the Securities and Exchange Commission.

On Sept. 4, the Greeley, Colo., distributor of agricultural inputs and professional non-crop products announced its intention to amend its credit facility to increase the senior secured term loan facility by $150 million.

United Agri said that proceeds of the term loan add-on will be used to refinance outstanding balances under its revolving credit facility, which will provide additional liquidity to fund acquisition and capital expansion opportunities.

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