MGP Ingredients, Inc. announced it has successfully refinanced its revolving credit facility and amended its note purchase and private shelf agreement. As part of the refinancing, MGP upsized its revolving credit facility from $400 million to $500 million and extended its maturity from 2026 to 2030, with unchanged applicable interest rates. The amended revolving credit facility includes an accordion feature, which increased in size from $100 million to $200 million and is subject to certain conditions.
In addition, the company amended its note purchase and private shelf agreement to extend its shelf for issuing up to $250 million of senior secured promissory notes to 2028. The credit facility is with a syndicate of lenders led by Wells Fargo Bank, N.A. The note purchase and private shelf agreement is with various affiliates of PGIM, Inc. (Prudential).
