MGP Ingredients entered into a five-year $300 million revolving credit facility with a syndicate of lenders led by Wells Fargo Bank.
The new facility replaces the company’s $150 million credit facility with Wells Fargo and increases its credit availability by $150 million.
“This new credit facility further enhances our access to capital with attractive pricing and terms, providing MGP additional financial flexibility as we execute our strategic growth plan, including evaluating acquisition opportunities that strengthen our position in growing markets,” said Brandon Gall, vice president and CFO of MGP. “We are pleased to be able to expand and extend our agreements with this refinancing, doing so with continued support and partnership from our lenders.”
The new Wells Fargo facility also contains an accordion option subject to lender approval, providing for an increase of $100 million, to a total of $400 million. The company also has an existing $75 million note purchase and shelf facility with various affiliates of PGIM, which has a remaining shelf facility, subject to lender approval, of $35 million.
Founded in 1941, MGP is a supplier of premium distilled spirits and specialty wheat proteins and starches.
