Seneca Foods gets $400 million five-year revolver at Libor plus 125 bps

By Wendy Van Sickle

Columbus, Ohio, March 26 – Seneca Foods Corp., Seneca Foods, LLC, Seneca Snack Co. and Green Valley Foods, LLC entered into an amended and restated credit agreement on Wednesday providing for a senior revolver of up to $400 million with a seasonal adjustment to a maximum of $300 million, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America, NA is the agent. BofA Securities, Inc. is the lead arranger.

Availability is based in part on eligible accounts receivable.

Borrowings will bear interest at Libor plus a margin of 125 basis points if availability is at least 66% or a margin of 150 bps otherwise. The initial margin will be 125 bps.

Proceeds may be used to repay existing debt, to make permitted acquisitions, for working capital and for other lawful purposes.

The loan agreement will terminate on March 24, 2026.

Seneca is a Marion, N.Y.-based food processor and distributor.

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