Seneca Foods Corp (SENEB): debt financing — Seneca Foods restructures term loan into $298.5M single facility with Farm Credit East

Seneca Foods Corp

Amended Term Loan A-2 consolidates existing $173.5M with new $125.0M advance into $298.5M term loan.
Quarterly principal payments of $3.75M begin June 1, 2023; maturity remains Jan 20, 2028.
Proceeds used for working capital and repayment of revolving credit facility.
Additional mortgages granted on two properties in Montgomery, MN as collateral.
No change to pricing (SOFR plus leverage-based margin) or other financial covenants.

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 amended term loan of $298.5 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: $298.5 million
Counterparty: Farm Credit East, ACA
Rate: SOFR plus an additional margin determined by the Company’s leverage ratio
Maturity: January 20, 2028
Event: amendment

Exact text from the filing

The Amendment amends, restates and replaces in its entirety Term Loan A-2 (as defined in the Loan Agreement) and provides a single advance term facility in the principal amount of $125.0 million to be combined with the existing $173.5 million Term Loan A-2 into one single $298.5 million term loan

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

Seneca Foods Corp amended Amendment with Farm Credit East, ACA valued at $125.0 million (effective 2023-05-23).

Action: amendment
Agreement: credit facility
Counterparty: Farm Credit East, ACA
Value: $125.0 million
Effective: 2023-05-23

Exact text from the filing

On May 23, 2023 (the “Effective Date”), 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 Amendment 1 (the “Amendment”) to the Second Amended and Restated Loan and Guaranty Agreement with Farm Credit East, ACA (as amended, the “Loan Agreement”).

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Seneca Foods Corp filing history →

Source: SEC EDGAR

accession 0001437749-23-016105

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