Farmer Bros. borrows $34 million from $125 million credit facility

By Rebecca Melvin

New York, April 29 – Farmer Bros. Co. borrowed $34 million from its $125 million amended and restated credit agreement, bringing the total amount outstanding under the agreement to $122 million of revolving credit loans and $2.3 million of outstanding letters of credit, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings under the agreement mature in November of 2023.

The company said that the borrowing was a precautionary measure to increase the company's cash position and preserve financial flexibility in light of uncertainty in the global markets resulting from the Covid-19 pandemic.

Farmer Bros. is a Torrance, Calif.-based direct distributor of coffee, tea and culinary products.

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