Sprouts Farmers Market amended its credit agreement to increase the company’s total commitments to $700 million, extend its maturity through March 2023 and add financial flexibility. JPMorgan acted as administrative agent and joint bookrunner on the transaction, while Bank of America served as syndication agent and joint bookrunner.

The lending syndicate was comprised of JPMorgan Chase, Bank of America, BMO Harris Bank, Rabobank, Wells Fargo, SunTrust, Bank of the West and BB&T.

At closing, Sprouts had outstanding total borrowings of $368 million and letters of credits of $27 million, with a remaining availability of $305 million under this credit facility. The rate on approximately 70% of outstanding debt under this credit facility is fixed, due to certain floating to fixed swaps implemented in December 2017.

“While we plan to continue to fund operations and unit growth through our strong cash flow generation, this expanded facility provides Sprouts with greater financial flexibility to execute on our capital allocation strategy,” said Brad Lukow, chief financial officer of Sprouts Farmers Market.

Headquartered in Phoenix, Sprouts employs more than 27,000 team members and operates nearly 300 stores in 15 states, specializing in fresh, natural and organic products.