Canadian meats processor and bakery giantMaple Leaf Foods , Toronto, said it entered into a new, four-year (C)$800 million revolving credit facility with a syndicate of Canadian, U.S. and international institutions.
Officials said the move replaces a (C)$870 million revolving credit facility that was due to mature on May 31st, 2011. They said the new facility will help meet short-term funding requirements for general corporate purposes, and to provide appropriate levels of liquidity.
"This facility is the last in a series of debt refinancings that began in 2010, and was negotiated at competitive investment grade financing rates," said Michael Vels, chief financial officer. "It provides sufficient liquidity to support both our ongoing business needs and the implementation of our value creation plan. We are committed to maintaining a strong balance sheet by ensuring our strategic investments are matched with steady earnings growth. Our ability to finance on favorable terms is a reflection of the investment community's confidence in our business and future."
Maple Leaf Foods inks $800 million more
May 17, 2011