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Bank of Montreal Provides New $50MM Term Debt Facility to Ceres Global Ag

June 15, 2021, 07:15 AM
Filed Under: Agriculture

Ceres Global Ag entered into a five-year senior secured $50 million term debt credit facility with the Bank of Montreal that includes a $30 million term loan draw that will be used to retire the Company's term loan with Bixby Bridge Fund IV, LLC ("Bixby") along with an additional $20 million delayed draw committed term loan that will be used to fund future growth projects and initiatives. The BMO term debt credit facility is priced at Libor + 3.5% which is significantly below the Bixby loan rate of Libor plus 6.0%. All amounts are in U.S. currency.

"We are pleased to announce this BMO term debt credit facility that gives us access to more capital at a significantly reduced price," said Mr. Jay Bierley, Vice President and Chief Financial Officer at Ceres. "This credit facility will positively impact our earnings, strengthen our balance sheet, and provide capital needed to pursue growth and increase Ceres's competitiveness in the markets in which we operate. We would also like to thank Bixby for their support in providing needed capital that helped get us to the position we are today."

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