PHOENIX, March 25, 2022 (GLOBE NEWSWIRE) — Sprouts Farmers Market, Inc. (“Sprouts”; Nasdaq: SFM) in the present day introduced the closing of a $700 million revolving credit score facility (the “Revolving Credit score Facility”) underneath a credit score settlement dated as of March 25, 2022 (the “Credit score Settlement”). The Revolving Credit score Facility and Credit score Settlement refinance the Firm’s beforehand current $700 million revolving credit score facility, which was repaid and terminated in reference to Sprouts’ entry into this new Credit score Settlement. The Credit score Settlement incorporates phrases and circumstances considerably much like the beforehand current credit score settlement, with a dedication expiration date of March 2027 and the addition of sustainability-linked pricing phrases, revised pricing phrases for loans and commitments thereunder and extra covenant flexibility. A portion of the pricing for loans and commitments underneath the Revolving Credit score Facility might be based mostly on Sprouts’ efficiency in two sustainability-linked areas – Board of Director variety and gross sales of socially and environmentally sustainable merchandise. At closing, Sprouts had excellent whole borrowings of $250 million and letters of credit score of $32 million excellent underneath the Revolving Credit score Facility, with a remaining availability of $418 million underneath the Revolving Credit score Facility.
“Whereas we plan to proceed to fund operations and unit progress by our sturdy money stream technology, this facility supplies Sprouts with higher monetary flexibility as we develop,” mentioned Chip Molloy, chief monetary officer of Sprouts. “As nicely, linking our credit score settlement to sustainability aims helps our “doing nicely by doing good” philosophy,” Mr. Molloy acknowledged.
Financial institution of America, N.A. acted as administrative agent, issuing financial institution and swingline lender, J. P. Morgan Securities LLC, acted as sustainability structuring agent, BMO Capital Markets Corp., JPMorgan Chase Financial institution, N.A. and Wells Fargo Securities, LLC acted as syndication brokers, Truist Financial institution and PNC Financial institution, N.A. acted as documentation brokers, and BofA Securities, Inc., BMO Capital Markets Corp., JPMorgan Chase Financial institution, N.A., and Wells Fargo Securities, LLC, acted as joint bookrunners and joint lead arrangers.
This press launch incorporates forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995 and federal securities legal guidelines, and we intend that such forward-looking statements be topic to the protected harbor created thereby. Such forward-looking statements embrace, amongst others, our plans relating to unit progress and money stream technology in addition to our firm progress. Ahead-looking statements are based mostly on our beliefs in addition to assumptions made by, and knowledge at the moment out there to, us. The dangers and uncertainties to which the forward-looking statements are topic embrace, with out limitation, opposed impacts as a result of COVID-19 pandemic, provide chain disruptions, common financial circumstances that affect shopper spending or lead to aggressive responses, our skill to take care of or enhance our working margins, and different dangers detailed within the “Particular Notice Concerning Ahead-Trying Statements,” “Threat Components,” and different sections of our Annual Report on Kind 10-Okay and different filings with the Securities and Alternate Fee. Besides as required by relevant legislation or regulation, we disclaim any obligation, and don’t intend, to publicly replace or assessment any of our forward-looking statements, whether or not because of new info, future occasions, or in any other case.
Sprouts is the place the place goodness grows. True to its farm-stand heritage, Sprouts provides a singular grocery expertise that includes an open format with contemporary produce on the coronary heart of the shop. Sprouts evokes wellness naturally with a fastidiously curated assortment of better-for-you merchandise paired with purpose-driven folks. The wholesome grocer continues to deliver the most recent in healthful, modern merchandise made with lifestyle-friendly components akin to natural, plant-based and gluten-free. Headquartered in Phoenix, and one of many fastest-growing retailers within the nation, Sprouts employs roughly 31,00zero workforce members and operates greater than 370 shops in 23 states nationwide. To be taught extra about Sprouts, and the great it brings communities, go to about.sprouts.com.
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Supply: Sprouts Farmers Market, Inc