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Wells Fargo, Prudential Capital Close $170MM in Financing Agreements for MGP Ingredients

August 24, 2017, 07:16 AM
Filed Under: Beverages

MGP Ingredients, Inc., a supplier of premium distilled spirits and specialty wheat proteins and starches, announced it has completed a new $150 million revolving credit facility agreement with Wells Fargo Bank, N.A. and entered into a $20 million term loan agreement with Prudential Capital Group, increasing the Company's available borrowing limit by $80 million to a total of approximately $135 million.

"Our strong financial performance and favorable market conditions have enabled us to more than double our availability to funds with improved terms under these new agreements," said Gus Griffin, president and CEO of MGP.  "We are very pleased that the new credit facility and fixed-rate term loan will provide MGP with additional flexibility to support our long-term growth initiatives and enhance shareholder value. We appreciate the continued trust and commitment of our lenders as we look to build an even stronger company moving forward."

The new revolving credit facility with Wells Fargo expands MGP's borrowing availability by $60 million and extends the maturity date to August 23, 2022.

The Prudential Capital Group term loan of $20 million will bear interest at a fixed rate of 3.53% per year for 10 years beginning August 23, 2017. In addition to an increased borrowing capacity, the Company will also have the right to request additional loans from Prudential Capital Group up to $55 million.

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