Sprouts Farmers Market, Inc. Amends and Expands Credit Facility
March 27 2018 - 4:30PM
Sprouts Farmers Market, Inc. (Nasdaq:SFM) today announced the
closing of an amended and restated credit agreement that increased
the company’s total commitments to $700 million, extended its
maturity through March 2023 and added financial flexibility.
At closing, Sprouts had outstanding total borrowings of $368
million and letters of credits of $27 million, with a remaining
availability of $305 million under this credit facility. The
rate on approximately 70% of outstanding debt under this credit
facility is fixed, due to certain floating to fixed swaps
implemented in December 2017.
“While we plan to continue to fund operations and unit growth
through our strong cash flow generation, this expanded facility
provides Sprouts with greater financial flexibility to execute on
our capital allocation strategy,” said Brad Lukow, chief financial
officer of Sprouts Farmers Market.
JPMorgan Chase Bank, N.A., acted as Administration Agent and
Joint Bookrunner, and Bank of America, N.A. acted as Syndication
Agent and Joint Bookrunner on the credit facility. The
lending syndicate is comprised of JPMorgan Chase Bank, N.A., Bank
of America, N.A., BMO Harris Bank, N.A., Coöperatieve Rabobank
U.A., Wells Fargo Bank N.A., SunTrust Bank, Bank of the West and
Branch Banking & Trust Company.
Forward-Looking Statements
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995.
Any statements contained herein that are not statements of
historical fact (including, but not limited to, statements to the
effect that Sprouts "anticipates," "plans," "estimates," "expects,"
or "believes,") should be considered forward-looking statements.
These statements involve certain risks and uncertainties that may
cause actual results to differ materially from expectations as of
the date of this release. These risks and uncertainties
include, without limitation, risks associated with Sprouts’ ability
to successfully compete in an intensely competitive industry, open
new stores, manage rapid growth, maintain or improve operating
margins, identify and react to trends in consumer preferences and
mange product supply, as well as general economic conditions and
the other risk factors set forth in Sprouts’ Securities and
Exchange Commission filings, including, without limitation, its
Annual Report on Form 10-K. These forward-looking statements
to speak only as of the time of this release and Sprouts does not
undertake to update or revise them as more information becomes
available, except as required by law.
Corporate Profile
Sprouts Farmers Market, Inc. specializes in fresh, natural and
organic products at prices that appeal to everyday grocery
shoppers. Based on the belief that healthy food should be
affordable, Sprouts’ welcoming environment and knowledgeable team
members continue to drive its growth. Sprouts offers a complete
shopping experience that includes an array of fresh produce in the
heart of the store, a deli with prepared entrees and side dishes,
The Butcher Shop, The Fish Market, an expansive vitamins and
supplements department and more. Headquartered in Phoenix, Arizona,
Sprouts employs more than 27,000 team members and operates in
nearly 300 stores in 15 states from coast to coast. Visit
about.sprouts.com for more information.
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Investor
Contact: |
Media
Contact: |
Susannah
Livingston |
Donna Egan |
(602) 682-1584 |
(602) 682-3152 |
susannahlivingston@sprouts.com |
media@sprouts.com |
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