Village Farms International has refinanced its syndicated Canadian Cannabis Term Loans, consolidating its three previous loans into one credit facility with two of its existing lenders. The new Canadian cannabis credit facility carries a variable interest rate below 8.0 percent, reflecting a 50 basis point improvement to the previous interest rate, as well as improved financial covenants and a maturity date of February 7, 2028, replacing its previous credit facilities maturing on February 7, 2026.
Michael DeGiglio, Chief Executive Officer of Village Farms commented, "We're pleased to refinance, consolidate, and extend our Canadian cannabis loan under improved terms. Combined with last week's announcement about our favorably amended FCC produce loan, we have substantially improved financial flexibility across all areas of our business. These updates demonstrate confidence in our future outlook, driven by continued leadership in our existing markets and a strong platform for growth internationally."
For more information:
Village Farms International Inc.
www.villagefarms.com