SunOpta returns with $300 million seven-year secured notes offering

By Paul A. Harris

Portland, Ore., April 12 – SunOpta Foods Inc. announced in a Tuesday press release that it plans to sell $300 million of senior secured second-lien notes due 2023 via Rule 144A and Regulation S.

The company intends to use the proceeds, together with borrowings under its senior secured asset-based revolving credit facility, to repay in full the term loans outstanding under the second-lien loan agreement, dated Oct. 9, 2015, borrowed in connection with the acquisition of Sunrise Holdings (Delaware), Inc., the direct parent company of Sunrise Growers, Inc.

No timing or syndicate names were disclosed.

However last October the company postponed a $330 million offering of seven-year senior secured second-lien notes (B3/B) due to market conditions.

As reported, the deal at that time was talked to price at a discount and to yield 10%.

BMO Securities, Jefferies LLC and Rabobank were the joint bookrunners for that offering.

Toronto-based SunOpta focuses on sourcing non-genetically modified and organic ingredients and manufacturing healthy food and beverage products.

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