Freshpet gets $165 million restated credit facility in two tranches

By Wendy Van Sickle

Columbus, Ohio, April 20 – Freshpet, Inc. entered into an amended and restated loan and security agreement on Friday, providing for a five-year $165 million senior secured credit facility comprising a $130 million delayed-draw term loan and a $35 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The term loan and revolver replace the company’s previous $55 million term loan and $35 million revolver.

City National Bank is the arranger and administrative agent.

Borrowings bear interest at Libor plus a margin ranging from 150 basis points to 200 bps, depending on leverage ratio.

The new credit facility will mature on April 17, 2025. Borrowings may be drawn under the delayed-draw term loan until Oct. 17, 2022.

Commencing on Dec. 31, 2022, the amount of any outstanding delayed draw term loans shall be repayable in quarterly installments of 1/28th of the outstanding term loans, with the balance due at maturity.

The maker of cat and dog food is based in Secaucus, N.J.

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