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


Deutsche Bank Agents Alliance One’s New $60MM ABL Facility

October 17, 2016, 07:44 AM
Filed Under: Agriculture

Alliance One has entered into an ABL credit agreement with certain bank lenders establishing a senior secured revolving asset-based lending facility (the "ABL Facility") of $60.0 million subject to a borrowing base composed of its eligible accounts receivable and inventory.  Borrowings under the ABL Facility will bear interest at an annual rate equal to LIBOR plus 250 basis points or a base rate plus 150 basis points, as applicable, with a fee on unused borrowings initially at an annual rate of 50 basis points until March 31, 2017 and thereafter at annual rates of either 37.5 or 50 basis points based on the Company's average quarterly historical utilization under the ABL Facility.  The ABL Facility will mature on January 14, 2021.  Alliance One anticipates that borrowings under the ABL Facility will be used to fund working capital needs and for other general corporate purposes. An SEC 8-K filing notes that Wells Fargo Bank, National Association is serving as syndication agent and Deutsche Bank AG is the administrative agent under the new facility.

The company also announced that it has completed its previously announced offering of $275 million in aggregate principal amount of its 8.500% senior secured first lien notes due 2021 (the "Notes"), at an issue price of 99.085% of the face amount thereof.  The offer was made in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons in offshore transactions in reliance on Regulation S under the Securities Act.

Alliance One is a leading global independent leaf merchant.

Comments From Our Members

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