Seneca Foods adds $125 million to existing term loan A-2

By Wendy Van Sickle

Columbus, Ohio, May 30 – Seneca Foods Corp., Seneca Foods, LLC, Seneca Snack Co. and Green Valley Foods, LLC entered an amendment to its second amended and restated loan and guaranty agreement on May 23 with Farm Credit East, ACA, according to an 8-K filing with the Securities and Exchange Commission.

The agreement amends, restates and entirely replaces the company’s term loan A-2 to provide a single advance term facility in the principal amount of $125 million to be combined with the existing $173.5 million term loan A-2 for a total term loan A-2 of $298.5 million.

Principal payments on the amended term loan A-2 in the amount of $3.75 million, together with interest on the unpaid principal amount outstanding, will be payable quarterly on March 1, June 1, Sept. 1 and Dec. 1 each year, commencing June 1.

The term loan A-2 continues to mature on Jan. 20, 2028 and bears interest at SOFR plus a margin based on the company’s leverage ratio. The three tiers for the margin are 175 bps, 200 bps and 225 bps.

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

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