Sanderson Farms gets $1 billion five-year revolving credit facility

By Sarah Lizee

Olympia, Wash., March 21 – Sanderson Farms, Inc. obtained a new $1 billion unsecured revolving credit facility on Thursday through a consortium of banks, according to a press release.

The facility matures March 21, 2024.

The new revolver replaces the company’s existing $900 million facility, which was terminated.

Some covenants related to the company’s financial condition were adjusted and the limitation on capital expenditures was eliminated to support future growth, the company said.

As of Thursday, the company had $100 million in outstanding borrowings and about $25.3 million outstanding in letters of credit under the former revolver, all of which will remain outstanding under the new one.

Sanderson Farms is a Laurel, Miss., poultry processing company.

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