Maple Leaf Foods amends credit facility, adds C$400 million term loan

Chicago, June 20 – Maple Leaf Foods, Inc. amended its sustainability-linked credit facility, according to a press release.

The amendment includes the addition of a C$400 million one-year term loan.

The incremental facility brings the total credit facility to C$2.4 billion, broken into a C$1.3 billion committed revolver maturing on June 29, 2027 and three committed term facilities for $265 million due June 29, 2027, C$350 million for June 29, 2026 and C$400 million for June 20, 2024.

The covenant requiring the company to maintain a net debt to capitalization ratio below a specified threshold was also amended.

BMO Capital Markets was the sole bookrunner and sustainability structuring agent.

BMO Capital Markets, CIBC, RBC, Scotiabank, and Rabobank Canada were co-lead arrangers.

In addition, two new lenders, Farm Credit Canada and Export Development Canada were added to the syndicate, joining Bank of America, JP Morgan, National Bank of Canada and TD Bank.

Proceeds will provide incremental liquidity as the company continues to ramp up production at its three new manufacturing facilities.

As manufacturing operations hit their run rate, the company will focus on lowing debt levels.

Maple Leaf is a producer of food products based in Mississauga, Ont.

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