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Armory Securities Announces $245MM Refinance for Landec

February 03, 2021, 06:00 AM
Filed Under: Specialty Industries

Armory Securities announced a $245 million comprehensive refinancing for Landec Corporation. Armory served as exclusive financial advisor and placement agent to Landec for the transaction.

The $245 million financing was comprised of a 5-year $170 million senior secured term loan and a $75 million senior secured ABL revolver. The financing provides the business the necessary flexibility and working capital to continue the positive momentum and turnaround of its natural foods division, and additional capital to support Lifecore’s long-term strategic growth plans with $150 million of  immediate term loan proceeds and $20 million of Delayed Draw Term Loan commitment to fund planned capital expenditures of the biomedical CDMO business over the next 24 months.

Landec is a diversified health and wellness solutions company with two operating businesses: Curation Foods is an innovator and distributor of plant-based foods to retail, club and foodservice channels throughout North America. Curation Foods brands include Eat Smart® fresh packaged vegetables and salads, O Olive Oil & Vinegar® premium artisan products, and Yucatan® and Cabo Fresh® avocado products. Lifecore Biomedical is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile, injectable pharmaceutical products in syringes and vials for global and emerging biopharmaceutical and biotechnology companies.

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