Lassonde Industries Secures New Canadian Credit Facilities
ROUGEMONT, QC, April 10, 2013 /CNW Telbec/ - Lassonde Industries Inc. (TSX: LAS.A) ("Lassonde") announces that it has secured new credit facilities for its Canadian operations aggregating up to $ 250 million. The facilities include a 5-year committed revolving operating line of credit for up to $ 175 million (which represents an increase of $ 105 million over the existing operating facility) and a term facility of approximately $ 75 million. The operating facility is provided by a syndicate of Canadian financial institutions.
The term facility has been fully drawn so as to replace under the same terms and conditions and with the same lender the current Canadian term loans of Lassonde. The revolving facility will be used to finance operations and may be used, under certain conditions, for potential acquisitions. The facilities are unsecured and exclude Lassonde's U.S. subsidiary Clement Pappas and Company, Inc. which has its own credit facilities. Interest margins and fee rates for the credit instruments available under the operating facility vary, based on a financial ratio, from 0 to 100 basis points in the case of prime rate based loans and from 1.25 % to 2.25 % in the case of other instruments.
About Lassonde Industries Inc.
Lassonde Industries Inc. is a North American leader in the development, manufacture and sale of a wide range of fruit and vegetable juices and drinks marketed under brands such as Everfresh, Fairlee, Flavür, Fruité, Graves, Oasis and Rougemont.Lassonde is also the second largest producer of store brand ready-to-drink fruit juices and drinks in the United States and a major producer of cranberry juices, drinks and sauces. Lassonde also develops, manufactures and markets specialty food products under brands such as Antico and Canton. The Company imports and markets selected wines from various countries and manufactures apple ciders and wine-based beverages.
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