In addition to this new $35 million revolving credit facility with CIBC, S&W maintains an AUD $15 million
S&W Seed Company has announced that it has closed a new $35 million asset-based revolving credit facility with CIBC Bank USA.
The new credit facility replaces an existing facility with a number of potential advantages to S&W including a reduction in the cost of capital, enhanced borrowing base structure, and increased flexibility to pursue its growth strategy.
Matthew Szot, Chief Financial Officer of S&W Seed Company, commented, “We are pleased to have entered into this new revolving credit facility with CIBC which we believe has a number of advantages over our existing facility, including the reduction in our cost of capital, improvements to our borrowing base structure and greater financial flexibility. During the last several months, CIBC has demonstrated they have a strong understanding of our go forward business plan, which includes organic growth and opportunistic M&A to build upon the valuable infrastructure that has been created to date. We look forward to a long and mutually rewarding relationship with CIBC.”
In addition to this new $35 million revolving credit facility with CIBC, S&W maintains an AUD $15 million revolving credit facility for the Company’s Australian operations with National Australia Bank.
