SunOpta, a U.S.-based provider of plant-based foods and beverages, entered into a new $180 million term loan credit facility and a new $85 million revolving credit facility. Bank of America is administrative agent for the facilities, while JPMorgan Chase acted as syndication agent, and BofA Securities and JPMorgan Chase Bank acted as joint lead arrangers and joint bookrunners.

SunOpta used proceeds of the new term loan credit facility and the proceeds of a drawing of the new revolving credit facility to repay in full the amounts owing under the company’s existing credit agreement and to repay and terminate certain capital lease obligations. The new credit facilities, which have a term of five years, replace the company’s existing credit agreement.

“We are very pleased with the results of our refinancing. The credit facilities were oversubscribed and we appreciate the continued support of the syndicate of five banks,” Greg Gaba, CFO of SunOpta, said. “With the divestiture of the frozen fruit business, our working capital needs have been significantly reduced and this refinancing, including the extended term, has significantly improved our flexibility and strengthened our balance sheet, providing a structure that is firmly aligned with the future capital needs of our business.”