Good natured Products Inc., a pioneer in plant-based products in North America, announced today that it had completed a senior secured revolving credit facility with Wells Fargo Bank, N.A., via its wholly owned subsidiary Wells Fargo Capital Finance Corporation Canada.
The Senior Credit Facility consists of a USD 30 million asset-based revolving credit facility with a 4-year term and an uncommitted USD 25 million. Additionally, the Company has completed a CAD 6.6 million financing with the Business Development Bank of Canada (the “Mortgage Refinancing”) (“BDC”).
Paul Antoniadis, CEO of good natured®, said,
“We have attracted one of the largest banks in the United States as a partner to fuel our current and future growth initiatives. This is an incredible milestone for the Company and speaks to the strong commercial viability of our sustainable value proposition. We’re also thrilled that BDC, one of our largest shareholders, is extending its support at this crucial time. We’re also delighted that Wells Fargo and BDC have similar perspectives on our long-term path for growth, value creation, and in creating better everyday products® that ensure a sustainable future for our planet and its inhabitants.
More about Good natured Products Inc :
By providing the widest selection of plant-based products created from quickly renewable resources rather than fossil fuels, good natured® is fervently pursuing its ambition to become North America’s premier eco-friendly product firm. The Company is committed to making it simple and economical for consumers and business owners to switch to better everyday products® that use more renewable materials, less fossil fuel, and no potentially hazardous chemicals in place of petroleum.
Over 400 products and services are available from good natured® through wholesale, direct-to-business, and retail channels. The Company is committed to making plant-based products more widely available to consumers to have a significant environmental and social effect. These products range from certified biodegradable food containers to industrial supplies made from biomaterials and medical packaging.
The National Bank loan arrangement of CAD 35.8 million, previously announced on October 13, 2021, is replaced by the Senior Credit Facility with Wells Fargo, which offers up to USD 55 million in funding. The secured senior credit facility consists of an uncommitted USD 25 million revolving facility that Wells Fargo may choose to use at its discretion and a USD 30 million asset-based revolving credit facility with a 4-year term. The Senior Credit Facility is to be utilized for working capital, general corporate purposes, acquisitions, capital asset expansions, and retirement of payments due on credit facility debt with National Bank as previously defined.
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