Village Farms International announced that it has favorably amended a credit agreement with one of its term lenders, resulting in improved terms, and greater financial flexibility which aligns with the Company's strategic focus on its expanding cannabis businesses internationally.
The Company announced that it has amended its Fresh Produce loan with Farm Credit Canada to improve financial covenants which will enable the Company to progress its business without continued waiver requirements. These changes reflect the expansion and growth of Village Farms' business since entering into the original credit agreement in 2013, as well a recognition of the Company's stronger strategic focus on its growing cannabis business. The FCC Loan carries a variable interest rate below 8.0 percent and matures on May 3, 2027. Other material terms for the FCC Loan remain unchanged.
Michael DeGiglio, Chief Executive Officer of Village Farms commented, "Today's announcement reflects our long-standing, collaborative relationship with FCC and their continued support of our growth strategy. More favorable financial covenants on our FCC loan will enable us greater flexibility to make further growth investments in the future. We believe this amendment demonstrates strength in our business, which is positioned for a strong year of growth in 2025."
For more information:
Village Farms International Inc.
www.villagefarms.com