SWP:CC - SWISS WATER Announces Increase of Senior Debt Covenant to $65 Million
(TheNewswire)
VANCOUVER, BC, April 2 2 , 202 2 / TheNewswire / Swiss Water Decaffeinated CoffeeInc. (TSX:SWP) (“Swiss Water” or “theCompany”) is pleased to announce as part of its continuingcommitment to implement efficient and flexible financial solutions tosupport working capital needs arising from rapid growth and coffeeprice fluctuations, Swiss Water Decaffeinated Coffee Inc. has come toan agreement with Mill Road Capital II, L.P. to modify the terms ofthe subordinated debenture held by Mill Road. The modificationincreases the permitted amount of senior debt that may be incurred bySwiss Water from $60 million to $65 million, with no fee incurred forthe amendment.
Swiss Water is continuing to evaluate opportunities toraise new capital to support its long term strategic objectives,including enhancements to its hedging program, working capital andlong term debt facilities, and reviewing other fundingalternatives.
Company Profile
Swiss Water Decaffeinated Coffee Inc. is a leadingspecialty coffee company and a premium green coffee decaffeinatorwhich employs the proprietary SWISS WATER®Process to decaffeinate green coffee without theuse of chemicals. It also owns Seaforth Supply Chain Solutions, agreen coffee handling and storage business. Both businesses arelocated in the cities of Burnaby and Delta, British Columbia.
For more information, please contact:
Iain Carswell, Chief Financial Officer
Swiss Water Decaffeinated Coffee Inc.
Phone: 604.420.4050
Email: investor-relations@swisswater.com
Website: investor.swisswater.com
Forward-Looking Statements:
Certain statements in this pressrelease may constitute “forward-looking” statements which involveknown and unknown risks, uncertainties and other factors which maycause the actual results, levels of activity, performance orachievements to be materially different from any future results,levels of activity, performance or achievements expressed or impliedby such forward-looking statements. When used in this press release,such statements may include such words as “may”, “will”,“expect”, “believe”, “plan” and other similar terminology.These statements reflect management’s current expectations regardingfuture events and operating performance, as well as management’scurrent estimates, but which are based on numerous assumptions and mayprove to be incorrect. These statements are neither promises norguarantees, but involve known and unknown risks and uncertainties,including, but not limited to, risks related to processing volumes andsales growth, operating results, the supply of utilities, the supplyof coffee, general industry conditions, commodity price risks,technology, competition, foreign exchange rates, construction timing,costs and financing of capital projects, a potential impact of theCOVID-19 pandemic, and general economic conditions.
The forward-looking statementscontained herein are made as of the date of this press release and areexpressly qualified in their entirety by this cautionary statement.Except to the extent required by applicable securities law, SwissWater Decaffeinated Coffee Inc. undertakes no obligation to publiclyupdate or revise any such statements to reflect any change inmanagement’s expectationsor in events, conditions, or circumstances on which any suchstatements may be based, or that may affect the likelihood that actualresults will differ from those described herein.
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