SunOpta: Offering of Senior Secured Notes
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TORONTO - SunOpta Inc. (“SunOpta”) (Nasdaq:STKL) (SOY.TO) announced that its subsidiary, SunOpta Foods Inc. (“SunOpta Foods”), intends, subject to market and other conditions, to offer approximately $300 million in aggregate principal amount of senior secured second lien notes due 2023 (the “Notes”) in a private offering in the near future.
SunOpta Foods intends to use the net proceeds of the Notes offering, together with borrowings under its senior secured asset-based revolving credit facility (the “Global Credit Facility”), to repay in full the term loans outstanding under the Second Lien Loan Agreement, dated October 9, 2015, plus accrued and unpaid interest, which term loans were borrowed in connection with SunOpta’s acquisition of Sunrise Holdings (Delaware), Inc., the direct parent company of Sunrise Growers, Inc., and to pay related fees and expenses.
The Notes will be guaranteed by SunOpta and each of SunOpta’s wholly-owned U.S., Canadian and Dutch subsidiaries (other than SunOpta Foods) that is a guarantor under the Global Credit Facility. The Notes and the guarantees will be secured on a second lien basis by certain assets of SunOpta, SunOpta Foods and the guarantors.
The Notes and the related note guarantees have not and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States to, or for the benefit of, U.S. persons except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes will also be offered for sale in Canada on a private placement basis.
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on organic, non-genetically modified ("non-GMO") and specialty foods. SunOpta specializes in the sourcing, processing and packaging of organic and non-GMO food products, integrated from seed through packaged products; with a focus on strategic vertically integrated business models. SunOpta's organic and non-GMO food operations revolve around value-added grain, seed, fruit and vegetable based product offerings, supported by a global sourcing and supply infrastructure. SunOpta also holds an approximate 66% ownership position in Opta Minerals Inc. (TSX:OPM), a producer, distributor, and recycler of industrial minerals and silica-free abrasives. Opta Minerals is a non-core holding.
Rob Litt, Director Global Communications