NORTHLAKE, Texas, Aug. 09, 2022 (GLOBE NEWSWIRE) — Farmer Bros. Co. (NASDAQ:FARM) ( “Farmer Brothers” or the “Firm”) as we speak introduced that the Firm had amended (the “Modification”) its ABL credit score facility with Wells Fargo Financial institution, N.A., offering additional flexibility and extra liquidity underneath its present revolving credit score facility.
Amongst different issues, the Modification amends sure phrases and situations of the Credit score Settlement, reminiscent of rising the utmost revolver quantity by $10 million to an combination most revolver dedication quantity of $90 million, and decreasing the rate of interest by changing the London Interbank Provided Charge (“LIBOR”) rate of interest benchmark (which had an relevant margin of two.25% for LIBOR charge loans) with the secured in a single day financing charge (“SOFR”) rate of interest benchmark (which has an relevant margin of 1.75% for SOFR charge loans).
Deverl Maserang, CEO of Farmer Brothers, commented, “We’re happy to have entry to this extra liquidity, which boosts our flexibility to guarantee satisfactory stock ranges within the midst of heightened commodity market and pricing pressures. Offering high quality espresso and companies to our clients and distributors stays our primary precedence and as such, the enhancements to our credit score facility present extra assist for the good thing about each clients and our shareholders.”
About Farmer Brothers
Based in 1912, Farmer Bros. Co. is a nationwide espresso roaster, wholesaler, and distributor of espresso, tea, and culinary merchandise. The Firm’s product strains embody natural, Direct Commerce, and sustainably produced espresso. With a sturdy line of espresso, scorching and iced teas, cappuccino mixes, spices, and baking/biscuit mixes, the Firm delivers in depth beverage planning companies and culinary merchandise to its U.S. primarily based clients. The Firm serves all kinds of consumers, from small unbiased eating places and foodservice operators to massive institutional consumers like restaurant, division and comfort retailer chains, lodges, casinos, healthcare services, and gourmand espresso homes, in addition to grocery chains with personal model espresso and client branded espresso and tea merchandise, and foodservice distributors.
Advertising and marketing Contact
Nathalie Oetzel
noetzel@farmerbros.com
Investor Relations Contact
Ellipsis
Jeff Majtyka & Kyle King
Investor.relations@farmerbros.com
(646) 776-0886
