Meat and Poultry Industry News

Sanderson Farms announces new credit agreement

October 28, 2013
/ Print / Reprints /
ShareMore
/ Text Size+

Sanderson Farms Inc. announced that its existing revolving credit facility through a consortium of banks has been increased from $500 million to $600 million. The credit remains unsecured and certain covenants related to the company’s financial condition and capital expenditure needs have been amended in anticipation of the company’s future growth plans. In addition, the termination date has been extended to October 24, 2018, unless otherwise extended. As of October 24, 2013, the company had no outstanding borrowings under the then existing revolving credit facility, but the company did have approximately $11.0 million outstanding letters of credit under the credit facility.

Commenting on the announcement, Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, stated, “We are pleased to make these amendments to our credit facility to support our strategic growth plan for the next five years, including the construction of our new poultry complex in Palestine, Texas. We appreciate the support of our bank group and we believe the amended terms and covenants reflect their confidence in the future of Sanderson Farms.”

Source: Sanderson Farms Inc.

You must login or register in order to post a comment.

MARKET VIDEO

Multimedia

Videos

Image Galleries

Podcasts

Brenneman analyzes Butterball’s new animal care, well-being program

Rod Brenneman, CEO of Butterball, discusses his company's new Animal Care and Well-Being Program, his company's certification by the American Humane Association and further animal-handling initiatives, all officially announced in September 2013.

More Podcasts

National Provisioner

National Provisioner April 2014 cover

April 2014

Check out the April 2014 issue of The National Provisioner, with features on animal welfare, sanitation programs, and much more!

Table Of Contents Subscribe

Independent Processor

IP April 2014 cover

April 2014

Check out the April 2014 issue of Independent Processor, with a special profile of Stemmler's Meats!

Table Of Contents Subscribe

Provisioner Store

sourcebooksmall.gif
The National Provisioner Source Book

The Sourcebook is an exclusive buyer’s guide and reference tool for product and supplier information in the meat, poultry and seafood marketplace.

More Products

STAY CONNECTED

Facebook icon Twitter icon  YouTube iconLinkedIn icon