Mission Produce amends credit agreement for $250 million in two parts

By Wendy Van Sickle

Columbus, Ohio, Oct. 25 – Mission Produce, Inc. entered into a third amendment to its credit agreement dated Oct. 11, 2018 with Bank of America, NA as administrative agent to provide for a $150 million five-year revolver and a $100 million seven-year term loan, according to an 8-K filing with the Securities and Exchange Commission.

Previously, the revolver was sized at $100 million and the term loan at $175 million.

Additionally, the sublimit for swingline loans was lowered to $20 million from $25 million, and the applicable interest rate was amended to a spread over SOFR ranging from 150 basis points to 250 bps, from Libor plus 150 bps to 275 bps.

The company is required to maintain a consolidated total net leverage ratio of not more than 3.5 to 1.0 and (a fixed charge coverage ratio of at least 1.25 to 1.0, each calculated on a consolidated basis for each consecutive four-quarter fiscal period.

The amendment was entered on Oct. 21.

BofA Securities, Inc. and Farm Credit West, PCA are the joint lead arrangers and bookrunners.

Farm Credit West is the syndication agent.

City National Bank, Citibank, NA and JPMorgan Chase Bank, NA are the co-documentation agents.

The Oxnard, Calif., company farms, packages, markets and distributes avocados and mangos.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.