SunOpta Inc. (STKL): debt financing — SunOpta enters new $265M credit facilities, repays existing debt

SunOpta Inc.

New $180M term loan and $85M revolver, with $210M drawn at closing, used to fully repay 2020 credit facility and capital leases.
Five-year term; initial margin 1.75% on base rate borrowings and 2.75% on SOFR/alternative currency borrowings.
Covenants include minimum fixed charge coverage of 1.20x and maximum total net leverage stepping down from 4.00x to 3.50x by Dec 2025.
Facilities oversubscribed; Bank of America acts as administrative agent; CFO cites improved flexibility and stronger balance sheet.

item 1.01 item 1.02 item 2.03 item 7.01 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SunOpta Inc. incurred credit facility of $180.0 million term loan credit facility at initial margin ... 1.75% with respect to base rate borrowings and 2.75% with res.

Instrument: credit facility
Principal: $180.0 million term loan credit facility
Rate: initial margin ... 1.75% with respect to base rate borrowings and 2.75% with res
Event: incurrence

Exact text from the filing

On December 8, 2023 (the "Closing Date"), SunOpta Inc. (the "Company" or the "Borrower") and certain other subsidiaries of the Company entered into (x) a new $180.0 million term loan credit facility (the "New Term Loan Credit Facility")

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SunOpta Inc. incurred revolving credit of $85.0 million revolving credit facility at initial margin ... 1.75% with respect to base rate borrowings and 2.75% with res.

Instrument: revolving credit
Principal: $85.0 million revolving credit facility
Rate: initial margin ... 1.75% with respect to base rate borrowings and 2.75% with res
Event: incurrence

Exact text from the filing

the "Borrower") and certain other subsidiaries of the Company entered into (x) a new $180.0 million term loan credit facility (the "New Term Loan Credit Facility") and (y) a new $85.0 million revolving credit facility (the "New Revolving Credit Facility" and, together with the New Term Loan Credit Facility, the "New Credit Facilities"). The New Credit Facilities

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

SunOpta Inc. entered into New Credit Facilities with lenders under the New Credit Facilities valued at $180.0 million term loan credit facility and $85.0 million revolving credit facility (effective 2023-12-08).

Action: entry
Agreement: credit facility
Counterparty: lenders under the New Credit Facilities
Value: $180.0 million term loan credit facility and $85.0 million revolving credit facility
Effective: 2023-12-08

Exact text from the filing

On December 8, 2023 (the "Closing Date"), SunOpta Inc. (the "Company" or the "Borrower") and certain other subsidiaries of the Company entered into (x) a new $180.0 million term loan credit facility (the "New Term Loan Credit Facility") and (y) a new $85.0 million revolving credit facility (the "New Revolving Credit Facility" and, together with the New Term Loan Credit Facility, the "New Credit Facilities").

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SunOpta Inc. filing history →

Source: SEC EDGAR

accession 0001062993-23-022544

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