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NEWS
S&W Secures New $25 Million Working Capital Facility
Monday, 23rd December at 4:15 pm
LONGMONT, Colo., Dec. 23, 2024 /PRNewswire/ -- S&W Seed Company (NASDAQ: SANW) today announced it has closed a new $25 million revolving credit agreement with ABL OPCO LLC ("Mountain Ridge") which replaces an existing facility with CIBC Bank USA.
In connection with the Company's entry into the Mountain Ridge credit agreement, MFP Partners L.P. ("MFP"), S&W Seed Company's largest shareholder, provided a letter of credit with a face amount equal to $13 million. The MFP letter of credit is being used as collateral to support S&W's obligations under the Mountain Ridge credit agreement providing the Company with borrowing base credit under the Mountain Ridge credit facility.
"S&W has implemented a number of strategic initiatives over the past few months to exclusively focus on its core U.S.-based operations, led by our high margin sorghum trait portfolio with Double Team, while at the same time aligning our cost structure to drive the business toward near-term profitability," commented Vanessa Baughman, S&W's Chief Financial Officer. "I believe today's announcement is a strong endorsement from both our largest shareholder and new strategic banking partner in the future of S&W and the opportunity it represents going forward. I look forward to the continued execution of our growth and profitability initiatives as we enter calendar 2025."
Monday, 23rd December at 4:15 pm
LONGMONT, Colo., Dec. 23, 2024 /PRNewswire/ -- S&W Seed Company (NASDAQ: SANW) today announced it has closed a new $25 million revolving credit agreement with ABL OPCO LLC ("Mountain Ridge") which replaces an existing facility with CIBC Bank USA.
In connection with the Company's entry into the Mountain Ridge credit agreement, MFP Partners L.P. ("MFP"), S&W Seed Company's largest shareholder, provided a letter of credit with a face amount equal to $13 million. The MFP letter of credit is being used as collateral to support S&W's obligations under the Mountain Ridge credit agreement providing the Company with borrowing base credit under the Mountain Ridge credit facility.
"S&W has implemented a number of strategic initiatives over the past few months to exclusively focus on its core U.S.-based operations, led by our high margin sorghum trait portfolio with Double Team, while at the same time aligning our cost structure to drive the business toward near-term profitability," commented Vanessa Baughman, S&W's Chief Financial Officer. "I believe today's announcement is a strong endorsement from both our largest shareholder and new strategic banking partner in the future of S&W and the opportunity it represents going forward. I look forward to the continued execution of our growth and profitability initiatives as we enter calendar 2025."
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