Canadian food manufacturer Maple Leaf Foods announced today (12 May) that it has negotiated a C$250m (US$246m) short term loan facility.
The company said that it has completed an agreement with a syndicate of banks, including the majority of the banks in its existing revolving credit facility, to augment the company’s primary revolving credit facility.
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The short term bank facility matures at the same time as Maple Leaf’s primary revolving credit facility, in May 2011.
“The facility will be used to meet the Company’s short term funding requirements for general corporate purposes, and to provide an adequate level of excess liquidity,” Maple Leaf said in a statement.
