SunOpta Enters Into an Extension of Its $360 Million Revolving Asset-Based Credit Facility

SunOpta Inc. ("SunOpta" or the “Company”) (Nasdaq:STKL) (TSX:SOY), a leading global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing announced today that it has entered into an extension of its senior secured asset-based revolving credit facility in the maximum aggregate principal amount of $360 million, subject to the borrowing base. The extension moves the maturity date for the revolving tranches to March 31, 2022, while the maturity date for the FILO tranche will be set at June 30, 2020 to coincide with the date of the final amortization payment thereof. The credit facility continues to be used to support the working capital and general corporate needs of SunOpta’s global operations, in addition to funding strategic initiatives.

 “We are pleased with the extension of the credit facility and appreciate the support of our banking partners as we continue to execute our strategic plans to deliver improved profit performance,” said Scott Huckins, Chief Financial Officer of SunOpta. “The extended credit facility provides enhanced flexibility and increased liquidity to support our operational initiatives. We have many high return projects, especially in our plant-based beverage platform, and this new credit facility will allow us to continue to drive double-digit growth in beverages as we seek to double this business over the coming years.”

Borrowings under the credit facility bear interest based on various reference rates including LIBOR plus an applicable margin. The applicable margin in the new facility ranges from 1.25% to 1.75% for loans bearing interest based on LIBOR, plus, if applicable, an additional 0.50% when the Company’s total leverage ratio exceeds an agreed threshold. The applicable margin is set quarterly based on average borrowing availability. The obligations of the borrowers under the facility are guaranteed by substantially all of SunOpta’s subsidiaries and, subject to certain exceptions, such obligations are secured by first priority liens on substantially all assets of SunOpta and the other borrowers and guarantors. The credit facility contains customary covenants and borrowing availability requirements. The facility is provided by a syndicate of banks, including Bank of America, N.A., Rabobank Nederland, Canadian Branch, Bank of Montreal, JP Morgan Chase Bank, N.A., and Wells Fargo Bank, National Association.

About SunOpta Inc.

SunOpta Inc. is a leading global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing. SunOpta specializes in the sourcing, processing and packaging of organic, natural and non-GMO food products, integrated from seed through packaged products; with a focus on strategic vertically integrated business models.

Contacts

Scott Van Winkle
ICR
617-956-6736
scott.vanwinkle@icrinc.com