FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / News / Read News

Print

Macquarie Bank Agents up to $32.5MM Revolver for Ceres Global Ag

February 15, 2019, 07:19 AM
Filed Under: Agriculture

Ceres Global Ag Corp. announced that it has entered into a fourth amended and restated credit agreement led by Macquarie Bank Limited, as administrative agent on behalf of a syndicate group of lenders which includes Bank of Montreal and Cooperatieve Rabo bank U.A. The New Credit Agreement increases the amount of the revolving facility available to Ceres from $67.5 million to $80 million, with the potential to access an accordion feature that would provide an additional $20 million. The interest rate under the New Credit Agreement reflects a reduction of 50 basis points from Ceres' prior revolving facility. The revolving facility matures on February 13, 2020.

"The increased borrowing capacity under the New Credit Agreement is significant for Ceres as we continue to grow our volumes and add more product lines to our portfolio," said Kyle Egbert, Chief Executive Officer for Ceres. "In addition to providing Ceres with additional liquidity and flexibility for our balance sheet, the more favorable interest rate will help reduce costs and provide capital for future growth opportunities, including potential acquisitions."





Week's News



Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.