TORONTO, Oct. 31, 2012 /PRNewswire/ - Maple Leaf Foods announced today that it has completed an agreement with the Company's syndicate of banks. The agreement will increase the existing revolving credit facility by $250 million increasing the total facility to $1.05 billion and will extend the maturity of the facility by one year.
The facility is unsecured and will continue to bear interest based on short-term interest rates. The financing, which matures on May 16, 2016, increases the weighted average term of the Company's debt to 4.7 years. The facility will be used for general corporate purposes.
Maple Leaf Foods is a leading Canadian value-added meat, meals and bakery company committed to delivering quality food products to consumers around the world. Headquartered in Toronto, Canada, the Company employs approximately 19,500 people at its operations across Canada and in the United States, Europe and Asia.
SOURCE Maple Leaf Foods Inc.