Seneca Foods enters $450M revolving credit facility with Wells Fargo, maturing Dec 2029

Seneca Foods Corp

New $450M senior revolving credit facility (seasonally adjusted to $400M) with Wells Fargo as agent and lead arranger.
Borrowing base based on eligible accounts receivable and inventory; commitment fee on unused portion.
Financial covenant includes minimum fixed charge coverage ratio when availability < 10% of commitments or $30M.
Prior $450M facility with Bank of America terminated with no prepayment penalties.
Collateral consists of substantially all non-realty assets; fully guaranteed by subsidiaries.

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