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Rockland Trust Funds $22.66MM ABL Facility to Decas

October 06, 2014, 07:13 AM
Filed Under: Agriculture

Rockland Trust announced on September 29 that it provided a $22.66 million asset-based credit facility to Decas Cranberry Sales. The credit facility to the Carver, MA-based cranberry processor includes a $15 million working capital line of credit, a $2.16 million equipment term loan and a $5.6 million mortgage loan.

A spokesperson for Rockland said the cranberry business has its own quirks and intricacies, even compared with other agricultural products. For one thing, it's not a commodity like blueberries or coffee. And unlike many other agribusinesses, a cranberry processor has to commit to buy the entire crop from the grower, and Decas could buy from as many as 150 growers in one season.

With an 80 year history in the cranberry industry, sales in 35 plus countries and seven warehouse locations throughout the U.S., Decas has a global presence in the cranberry business.

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