Freshpet announces $350M convertible notes offering, terminates credit facility

Freshpet, Inc.

Proposed $350M convertible senior notes due 2028; option for additional $52.5M.
Notes mature April 1, 2028; interest rate and conversion price set at pricing.
Terminated existing Credit Agreement with City National Bank effective March 15; no borrowings outstanding.
Net proceeds to fund capped call transactions and for general corporate purposes.
Capped call transactions with financial institutions to reduce potential dilution upon conversion.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Freshpet, Inc. terminated Sixth Amended and Restated Loan and Security Agreement with City National Bank (effective 2023-03-15).

Action: termination
Agreement: credit facility
Counterparty: City National Bank
Effective: 2023-03-15

Exact text from the filing

On March 13, 2023, Freshpet, Inc. (the “ Company ”), notified City National Bank (" CNB "), in its capacity as administrative agent under Freshpet's Sixth Amended and Restated Loan and Security Agreement, dated as of February 19, 2021, by and among the Company, as borrower, CNB, as the arranger and administrative agent, and the lenders party thereto (as amended, the “ Credit Agreement ”), of Freshpet's intent to terminate the Credit Agreement, with such termination to become effective as of March 15, 2023

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Freshpet, Inc. filing history →

Source: SEC EDGAR

accession 0000929638-23-000836

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