Village Farms has amended and extended the credit agreement for its C$10 million revolving line with a Canadian chartered bank (the "Operating Loan"), effective May 24, 2024. The maturity date for the Operating Loan has been extended from May 24, 2024 to May 24, 2027.
Amendments include expansion of the Company's borrowing options under the Operating Loan to provide additional financial flexibility. The new borrowing options provide for advances on the Operating Loan based on the Canadian Prime Rate, Base Rate, US Prime Rate and the Canadian Overnight Repo Rate (CORRA) in addition to the Secured Overnight Financial Rate (SOFR), which was already available to the Company. Other amendments reflect the considerable expansion and growth of Village Farms' business since entering into the original 2013 credit agreement. Other material terms for the Operating Loan are unchanged.
For more information:
Village Farms International Inc.
Tel.: +1 (407) 936-1190
www.villagefarms.com