LITTLE ROCK, Ark., USA – Westrock Coffee Company, a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider to the retail, foodservice and restaurant, convenience store and travel center, non-commercial, CPG, and hospitality industries, yesterday announced the closing of an amendment to the Company’s existing $350 million credit agreement that established a new class of incremental term loan commitments in the form of a senior secured delayed draw term loan credit facility (the “DDTL Facility” and any term loans under such DDTL Facility, the “Delayed Draw Term Loans”) in the aggregate principal amount of $50 million.
The interest rates under the DDTL Facility are the same as the interest rates with respect to the initial term loans under the existing credit agreement, and the commitment fees applying to the unused portion of the DDTL Facility are the same as the commitment fees with respect to the revolving facility under the existing credit agreement.
Any Delayed Draw Term Loans funded under the DDTL Facility will mature on August 29, 2027 and will otherwise be subject to the same terms as the initial term loans under the existing credit agreement.
Chris Pledger, Chief Financial Officer of Westrock Coffee Company, said, “We appreciate the strong support of our lenders to complete this transaction.
This now larger credit facility provides the Company with increased financial flexibility as we pull forward production capabilities at our Extract and Ready to Drink Facility in Conway, Arkansas, and gives us more dry powder as we continue to execute our growth strategy over the coming years.”
The transaction was completed through the Company’s existing bank syndicate led by Wells Fargo.
