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Alliance Grain gets $130 million renewable loans with 'global reach'
By Susanna Moon
Chicago, Dec. 30 - Alliance Grain Traders Inc. said its wholly owned subsidiary Alliance Pulse Processors Inc. closed a $130 million senior secured credit facility with the Bank of Nova Scotia as administrative agent and Scotia Capital as lead arranger and bookrunner.
Proceeds will be used for general corporate purposes as well as to retire the company's $60 million Bank of Nova Scotia facility.
The revolving period ends on April 30, and Alliance Pulse plans to request annual renewal of the facility, according to a company press release.
If the revolver is not extended, the facility will convert to a one-year non-revolving term loan.
The terms of the facility are consistent with market standards for the industry and include customary conditions, covenants and representations and warranties, according to the release.
The credit facility will be guaranteed by Alliance Grain and some of Alliance Pulse's wholly owned subsidiaries.
HSBC Bank of Canada and Rabobank Nederland (Canadian Branch) are also lenders.
The facility will "allow us to continue our growth plans around the world," Murad Al-Katib, president and chief executive officer of Alliance Grain, said in the release.
"This facility solidifies our financing for working capital in Canada, the U.S. and Australia and is part of a strategy that we expect will continue in 2012 to refine and solidify our global financing facilities. As a global company, our credit needs must be satisfied by lenders with a global reach."
Alliance Grain is a Regina, Sask.-based pulse, staple food and ingredient processor for export and domestic markets.
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