Land O'Lakes considering new $700 million facility in refinancing

New York, Oct. 5 - Land O'Lakes, Inc. said it is looking at obtaining a new $700 million credit facility as part of a refinancing.

No final decisions have been made, the company said, but it is looking at a new revolver and a new term loan.

Borrowings would be used to replace the existing $400 million revolver and to redeem its $324 million of 8¾% senior notes due 2011 and 9% senior secured notes due 2010, according to an 8-K filing Friday with the Securities and Exchange Commission.

Land O'Lakes is an Arden Hills, Minn.-based food and agricultural cooperative.

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