MGP Ingredients Refinances Credit Facility, Expanding Borrowing Capacity in Support of Growth Strategy

MGP Ingredients, Inc. (MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, today announced it has entered into a five-year $300 million revolving credit facility with a syndicate of lenders led by Wells Fargo Bank, N.A. (“Wells Fargo”).

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 whereby, subject to lender approval, the credit facility may be increased by another $100 million, to a total of $400 million.  Additionally, the Company has an existing $75 million note purchase and shelf facility with various affiliates of PGIM, Inc. (Prudential), which has a remaining shelf facility, subject to lender approval, of $35 million.

About MGP Ingredients, Inc.

Founded in 1941, MGP is a leading supplier of premium distilled spirits and specialty wheat proteins and starches. Distilled spirits include bourbon and rye whiskeys, gins and vodkas, which are expertly crafted through a combination of art and science and backed by a long history of experience. The company's proteins and starches are created in the same manner and provide a host of functional, nutritional and sensory benefits for a wide range of food products. MGP additionally is a top producer of high quality industrial alcohol for use in both food and non-food applications. The company is headquartered in Atchison, Kansas, where distilled alcohol products and food ingredients are produced. Premium spirits are also distilled and matured at the company's facility in Lawrenceburg, Indiana. For more information, visit mgpingredients.com.

For More Information

Investors & Analysts:

Mike Houston
646-475-2998 
investor.relations@mgpingredients.com

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