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BofA Merrill Lynch Provides $50MM Credit Facility to Craft Brew Alliance

December 04, 2015, 08:08 AM
Filed Under: Brewery

Craft Brew Alliance, Inc. (“CBA”), a leading craft brewing company, announced it has secured a $50 million credit facility with Bank of America Merrill Lynch. The new credit facility increases CBA’s overall borrowing capacity and takes advantage of favorable interest rates to support the company’s strategic projects and long-term growth while providing more flexibility to borrow and repay funds.

“As the craft beer market becomes increasingly complex and competitive, we’re confident that CBA’s differentiated strategy, expertise in craft brewing and branding, and national brewing and distribution capability will drive significant value for our business, our partners, and our shareholders,” said Joe Vanderstelt, chief financial officer, CBA. “As we continue building the CBA of the future, this new financing package provides increased access to funds and financial flexibility to support the key capital projects and strategic partnerships that will enable our long-term vision. We’re pleased to continue working with the team at Bank of America Merrill Lynch and appreciate their continued confidence and support of our business.”

Earlier this year, CBA announced plans to expand its largest-production brewery in Portland by 200,000 barrels, build a new sustainability-focused 100,000 barrel brewery in Hawaii to support the growth of Kona Brewing Co., and build a new Redhook brewpub in the brewing company’s hometown of Seattle. Additionally, CBA forged two new strategic partnerships with Appalachian Mountain Brewery of Boone, N.C. and Cisco Brewers of Nantucket, Mass.

CBA is a leading craft brewing company, which brews, brands, and markets some of the world’s most respected and best-loved American craft beers.

The company is home to three of the earliest pioneers in craft beer: Redhook Ale Brewery, Washington’s largest craft brewery founded in 1981; Widmer Brothers Brewing, Oregon’s largest craft brewery founded in 1984; and Kona Brewing Company, Hawaii’s oldest and largest craft brewery founded in 1994. As part of Craft Brew Alliance, these craft brewing legends have expanded their reach across the U.S. and more than 15 international markets.

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