Freshpet, Inc. Amends Credit Facility
September 21 2017 - 4:30PM
Freshpet, Inc. (NASDAQ:FRPT) (“Freshpet” or the “Company”) today
announced the closing of an amended credit facility that will
replace its primarily term-based existing facility of $30 million
and $10 million revolver with a straight $30 million revolver and
the ability to increase the revolver by an additional $10 million.
The new revolver will mature in September 2020.
Billy Cyr, Chief Executive Officer, stated, “The
lower rates and fees along with the increased flexibility of this
amended facility is another tool to advance our 'Feed the Growth'
strategy.”
At closing, the Company had total borrowings of
$5.5 million under the new $30 million revolver, providing the
Company with $24.5 million of availability. The Company expects to
fund its business through cash provided by operations for the
remainder of 2017, while continuing to reduce the facility usage.
The existing facility, which had $7.5 million outstanding, was
repaid with proceeds from the new revolver and cash on hand. The
new revolver will bear interest at variable rates depending on the
Company’s election, either at a base rate or at LIBOR, in each
case, plus an applicable margin. Subject to the Company’s leverage
ratio, the applicable margin will vary between 0.75% and 1.25% for
base rate loans and 1.75% and 2.25% for LIBOR loans.
About Freshpet
Freshpet has a single-minded mission – to
improve the lives of dogs and cats everywhere through the power of
fresh, natural food. Packed with vitamins and proteins, our foods
offer fresh meats, poultry, and vegetables farmed locally. At our
Freshpet Kitchens, we thoughtfully prepare these natural
ingredients and everyday essentials, cooking them in small batches
at lower temperatures to preserve key nutrients. That way, your pet
gets the best. Freshpet refrigerated foods and treats are kept cool
from the moment they are made until they arrive at Freshpet Fridges
in your local market.
Our foods are available in select mass, grocery,
natural food, club, and pet specialty retailers across the United
States, Canada and are currently testing in the United Kingdom.
From the care we take to source our ingredients and make our food,
to the moment it reaches your home, our integrity, transparency are
the way we like to run our business. To learn more, visit
www.freshpet.com.
Connect with Freshpet
https://www.facebook.com/Freshpethttps://twitter.com/Freshpethttp://instagram.com/Freshpethttp://pinterest.com/Freshpethttps://plus.google.com/+Freshpethttps://en.wikipedia.org/wiki/Freshpethttps://www.youtube.com/user/freshpet400
Forward-Looking Statements
This press release contains forward-looking
statements that involve risks and uncertainties. These statements
are based on management’s current opinions, expectations, beliefs,
plans, objectives, assumptions or projections regarding future
events or future results. Such forward-looking statements generally
can be identified by the use of forward-looking terminology such as
"may," "will," "expect," "intend," "could," "estimate," "should,"
"anticipate," or "believe," or variations thereof or similar
terminology. While the Company believes that its assumptions
reflected in such forward-looking statements are reasonable, there
can be no assurance that actual results will not differ materially
from management’s expectations reflected in such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, the general strength
of the economy and other economic conditions affecting consumer
preferences and spending; factors affecting the disposable income
available to the Company's current and potential customers; changes
in the unemployment rate; difficulties encountered in improving the
financial and operational performance of the Company's business
segments; failure to manage the Company's store labor and other
store expenses; the Company’s ability to develop and successfully
execute strategic initiatives; disruptions to the Company’s supply
or finished goods; as well as the other risks described in the
Company’s most recent Annual Report on Form 10-K and its other
filings with the SEC.
Investor Contact Katie
Turner646-277-1228katie.turner@icrinc.com
Media Contact Michael
Fox203-682-8218Michael.fox@icrinc.com
Freshpet (NASDAQ:FRPT)
Historical Stock Chart
From Apr 2024 to May 2024
Freshpet (NASDAQ:FRPT)
Historical Stock Chart
From May 2023 to May 2024