Penford Secures New $170 Million Credit Facilities
04 August 2014 - 8:00PM
Business Wire
A Platform for Accelerated Specialty and High
Value Products Growth
Penford Corporation (Nasdaq: PENX) closed on new $170 million
credit facilities on August 1, 2014, replacing the Company’s prior
revolving credit agreement. The facilities consist of a $145
million 5-year revolving credit agreement and a $25 million 6-year
delayed draw term loan.
“These new credit facilities will provide us with increased
capacity, greater flexibility and lower costs in implementing our
strategic programs to build shareholder value,” said Tom Malkoski,
Penford CEO. “We are pleased that the participating lenders have
recognized the strength of our current business model and the
Company’s attractive prospects for continued growth. We intend to
use these new facilities to fund additional capital investments and
acquisitions that will expand our specialty businesses in food
ingredients and high value industrial products.”
The credit facilities were arranged by Rabobank International as
administrative agent, KeyBank National Association as syndication
agent, and the following additional lenders participating: JPMorgan
Chase Bank, The PrivateBank and Trust Company, First Midwest Bank,
GreenStone Farm Credit Services, Branch Banking and Trust Company,
AgStar Financial Services PCA and Farm Credit Services of
America.
About Penford Corporation
Penford Corporation develops, manufactures and markets specialty
ingredients systems for a variety of food and industrial products.
Penford operates six manufacturing facilities and three research
and development centers in the U.S.
www.penx.com
The statements contained in this release that are not historical
facts are forward-looking statements that represent management’s
beliefs and assumptions based on currently available information.
Forward-looking statements can be identified by the use of words
such as “believes,” “may,” “will,” “looks,” “should,” “could,”
“anticipates,” “expects,” or comparable terminology or by
discussions of strategies or trends. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, it cannot give any assurances that these
expectations will prove to be correct. Such statements by their
nature involve substantial risks and uncertainties that could
significantly affect expected results. Actual future results could
differ materially from those described in such forward-looking
statements, and the Company does not intend to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Among the factors that could cause
actual results to differ materially are the risks and uncertainties
discussed in this release and those described from time to time in
other filings with the Securities and Exchange Commission which
include, but are not limited to: competition; the possibility of
interruption of business activities due to equipment problems,
accidents, strikes, weather or other factors; product development
risk; changes in corn and other raw material prices and
availability; the Company’s inability to comply with the terms of
instruments governing the Company’s debt; changes in general
economic conditions or developments with respect to specific
industries or customers affecting demand for the Company’s
products, including changes in government rules or incentives
affecting ethanol consumption, unfavorable shifts in product mix;
unanticipated costs, expenses or third party claims; impairment of
the Company’s long-lived assets that could result in a noncash
charge to reported earnings; interest rate, chemical and energy
cost volatility; changes in returns on pension plan assets and/or
assumptions used for determining employee benefit expense and
obligations; unforeseen developments in the industries in which
Penford operates; and other factors described in the “Risk Factors”
section in reports filed with the Securities and Exchange
Commission.
PenfordEllen Grinde, 630-590-0707Director of Investor
Relations and Communicationsegrinde@penx.com
(MM) (NASDAQ:PENX)
Historical Stock Chart
From Jun 2024 to Jul 2024
(MM) (NASDAQ:PENX)
Historical Stock Chart
From Jul 2023 to Jul 2024