US frozen food maker Overhill Farms has secured a US$30m three-year senior secured revolving credit facility.

The commitment with Bank of America announced on Friday (6 August), will allow the company to increase the amount by $20m under certain conditions.

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James Rudis, chairman, president and CEO of Overhill Farms, said: “We are pleased to have obtained this commitment from Bank of America. Proceeds from the facility would be used to refinance our existing debt and provide working capital for future growth. The financing will also give us the flexibility to consider acquisitions and other opportunities to enhance shareholder value.”

Rudis noted that the transaction is subject to the negotiation and execution of final loan documents, and said that complete details of the transaction will be disclosed at loan closing.

The credit agreement is expected to close on or before 30 September.

Last week, Overhill Farms recorded a drop in net income for the first nine months of the year as consumers pulled back on spending.

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