Thursday 13 June 2024
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Farmer Brothers amends credit agreement to support strategic initiatives

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NORTHLAKE, Texas, U.S. — Farmer Bros . Co. yesterday announced it has amended its credit facility with JPMorgan Chase Bank, N.A to increase the Company’s flexibility in funding future capital improvements and execute on the strategic projects underpinning the Company’s five key initiatives.

The $125 million credit facility has a maturity date in November 2023 and is subject to affirmative and negative covenants customary in a senior secured lending facility, including financial covenants relating to leverage and interest expense coverage.

“We are pleased to unlock additional flexibility to fund our strategic initiatives through this amendment,” said Deverl Maserang, Farmer Brothers’ President and CEO.

“We appreciate the confidence of our lenders in our business and transformation strategy. Our team remains focused on executing key initiatives including the rebalancing of volume across our manufacturing network, optimizing our supply chain, evolving our product portfolio and enhancing our service capability.

We are confident that we are on the right path to return Farmer Brothers to a position of strength for the long term.”

Additional details relating to the amendment will be available in a Form 8-K that the Company will file with the U.S. Securities and Exchange Commission.


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