Freshpet gets $90 million restated credit facility in two tranches

By Wendy Van Sickle

Columbus, Ohio, May 16 – Freshpet, Inc. entered into an amended and restated loan and security agreement on Wednesday, providing for a five-year $90 million senior secured credit facility comprising a $55 million delayed-draw term loan and a $35 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

City National Bank is the arranger and administrative agent.

The company will have the ability to increase the credit facility by up to an additional $75 million.

Borrowings bear interest at Libor plus a margin ranging from 150 basis points to 200 bps, depending on leverage ratio. Freshpet said in a news release that this is an improvement over the previous facility of 25 bps.

The new credit facility will mature on May 15, 2024. Borrowings may be drawn under the delayed-draw term loan until May 15, 2021.

At closing, the company drew $15 million under the revolver.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.