Agri-business co-operative Saskatchewan Wheat Pool (SWP) announced today that it has elected to prepay C$25m (US$16.4m) of an outstanding term loan with its bank group.
Go deeper with GlobalData
The prepayment, which is a partial credit against an installment payment due in November 2002, allows the Regina, Saskatchewan-based company to reduce its borrowing charges by C$2.6m over the life of the bank facility, which expires in approximately a year and a half.
“We have been aggressively de-leveraging the company over the past year and we saw an opportunity to reduce our borrowing costs further,” says CEO Mayo Schmidt. “Our actions illustrate this company’s commitment to its strategic objectives and its single most important goal, which is to strengthen the balance sheet to ensure a healthy foundation to
support future value creation strategies.”
