Seneca Foods Corp (SENEB): debt financing — Seneca Foods enters $275M loan agreement, adds $175M secured term loan A-2

Seneca Foods Corp

Second Amended and Restated Loan Agreement with Farm Credit East dated Jan 20, 2023.
Term Loan A-1: $100M, remains $90M outstanding, fixed rate 3.3012%, matures June 1, 2025.
New Term Loan A-2: $175M, secured by property & equipment, variable SOFR+margin, matures Jan 20, 2028.
Quarterly principal payments: $1M on A-1 (continuing) and $1.5M on A-2 starting March 1, 2023.
Proceeds from A-2 used for working capital and to repay revolving credit facility.

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

Seneca Foods Corp incurred term loan of $175 million with Farm Credit East, ACA at SOFR plus an additional margin determined by the Company’s leverage ratio maturing January 20, 2028.

Instrument: term loan
Principal: $175 million
Counterparty: Farm Credit East, ACA
Rate: SOFR plus an additional margin determined by the Company’s leverage ratio
Maturity: January 20, 2028
Event: incurrence

Exact text from the filing

The Loan Agreement adds an additional term loan in the amount of $175 million that will mature on January 20, 2028 and is secured by a portion of the Company’s property, plant and equipment. Term Loan A-2 bears interest at a variable interest rate based upon SOFR plus an additional margin determined by the Company’s leverage ratio.

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

Seneca Foods Corp entered into Second Amended and Restated Loan and Guaranty Agreement with Farm Credit East, ACA (effective 2023-01-20).

Action: entry
Agreement: credit facility
Counterparty: Farm Credit East, ACA
Effective: 2023-01-20

Exact text from the filing

On January 20, 2023, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, as Borrowers, and certain subsidiaries of Borrowers as Guarantors (collectively, the "Company") entered into a Second Amended and Restated Loan and Guaranty Agreement (the "Loan Agreement") with Farm Credit East, ACA.

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Seneca Foods Corp filing history →

Source: SEC EDGAR

accession 0001437749-23-001850

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