Bank of Montreal acted as administrative agent, lead arranger and sole bookrunner on an amended and restated credit agreement for subsidiaries of Jamieson Wellness. The agreement extended the maturity date of the senior secured credit facilities to September 27, 2024 and provided availability of up to C$475 million, which includes an expanded accordion feature.
The existing term and revolving facilities totaling C$198 million ($149.4 million) were replaced by one committed revolving facility with availability up to C$275 million ($207.5 million). In addition to the C$275 million committed revolving facility, the company has C$200 million ($150.9 million) of uncommitted funding through an accordion feature. The agreement also contained improved pricing and eliminated regularly scheduled quarterly term debt payments.
“We are grateful to our existing and new lending partners for their dedication and commitment throughout this process,” said Chris Snowden, chief financial officer of Jamieson Wellness. “The amended facility provides the company access to additional capital at improved pricing to help support our long-term growth initiatives.”
The syndicate for the facilities is comprised of 11 institutional lenders.
Established in 1922, Jamieson Wellness manufactures and markets sports nutrition products and specialty supplements under its Progressive, Precision and Iron Vegan brands.
