Dog and cat food manufacturer Freshpet entered into a third amended and restated loan and security agreement with City National Bank as the arranger and administrative agent.

The new loan agreement provides for a $30 million revolver as well as the ability to increase the new revolver by an additional $10 million. At closing, the company had total borrowings of $5.5 million under the new revolver, providing it with $24.5 million of availability. The term loan under the existing loan agreement, which had $7.5 million outstanding, was repaid with proceeds from the new revolver and cash on hand.

The new revolver matures in September 2020 and borrowings thereunder will bear interest at variable rates depending on the company’s election, either at a base rate or at LIBOR, in each case, plus an applicable margin.

Subject to the company’s leverage ratio, the applicable margin will vary between 0.75% and 1.25% for base rate loans and 1.75% and 2.25% for LIBOR loans.

The new loan agreement is secured by substantially all of Freshpet’s and certain of its subsidiaries’ assets.