MGP Ingredients, a leading provider of branded and distilled spirits and food ingredient solutions, successfully refinanced its revolving credit facility and amended its note purchase and private shelf agreement.

As part of the refinancing, MGP upsized its revolving credit facility from $400 million to $500 million and extended its maturity from 2026 to 2030, with unchanged applicable interest rates. The amended revolving credit facility includes an accordion feature, which increased in size from $100 million to $200 million and is subject to certain conditions. In addition, the company amended its note purchase and private shelf agreement to extend its shelf for issuing up to $250 million of senior secured promissory notes to 2028.

“We are extremely pleased with the results of our refinancing,” said Mark Davidson, VP, Corporate Controller and Head of Treasury. “The ability to upsize and extend the maturity of our credit facility and maintain attractive interest rates highlights the strength of our balance sheet and cash flows. We believe this successful refinancing gives us significant financial flexibility to execute on our strategic objectives and positions us to drive strong shareholder returns."

The credit facility is with a syndicate of lenders led by Wells Fargo Bank. The note purchase and private shelf agreement is with various affiliates of PGIM, Inc. (Prudential).