VFF - Village Farms International Amends and Extends Operating Loan | Benzinga
VANCOUVER, British Columbia and ORLANDO, Fla.,, May 31, 2024 (GLOBE NEWSWIRE) -- Village Farms International, Inc. ("Village Farms" or "the Company") (NASDAQ:VFF) announces it has amended and extended the credit agreement for its C$10 million revolving line with a Canadian chartered bank (the "Operating Loan"), effective May 24, 2024. The maturity date for the Operating Loan has been extended from May 24, 2024 to May 24, 2027.
Amendments include expansion of the Company's borrowing options under the Operating Loan to provide additional financial flexibility. The new borrowing options provide for advances on the Operating Loan based on the Canadian Prime Rate, Base Rate, US Prime Rate and the Canadian Overnight Repo Rate (CORRA) in addition to the Secured Overnight Financial Rate (SOFR), which was already available to the Company. Other amendments reflect the considerable expansion and growth of Village Farms' business since entering into the original 2013 credit agreement. Other material terms for the Operating Loan are unchanged.
About Village Farms International
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America, the Netherlands and selected markets internationally.
In Canada, the Company's wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada's best-selling brands. The Company also owns 80% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.
In the US, wholly-owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms' cannabis success in Canada.
Internationally, Village Farms is targeting selected, nascent, legal cannabis and CBD opportunities with significant medium- and long-term potential, with an initial focus on the Asia-Pacific region and Europe.
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