Sanderson gets new credit agreement
April 27, 2015
by MEAT+POULTRY Staff
LAUREL, Miss. – Sanderson Farms, Inc. announced its existing revolving credit facility increased to $750 million from $600 million. The credit remains unsecured, the company said.
Sanderson amended certain covenants related to the company's financial condition and capital expenditures in anticipation of future growth plans. The company had no outstanding borrowings under the previous credit facility, Sanderson noted, but the company did have approximately $13.8 million outstanding letters of credit under the credit facility.
“We are pleased to make these amendments to our credit facility to support our strategic growth plan for the next five years, including the construction of our new poultry complex in St. Pauls, North Carolina,” said Joe F. Sanderson, chairman and CEO. “We appreciate the support of our bank group, and we believe the amended terms and covenants reflect their confidence in the future of Sanderson Farms.”