US snack company Wise Foods has secured a fresh US$25m credit facility.
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The debt arrangements, Wise said yesterday (22 September), will allow the company to expand and grow initiatives including new products.
The facility will also be used for capital investment to improve efficiencies and expand production capabilities at the company’s main production facility in Berwick, Pennsylvania.
Edward Lambert, chairman and CEO of Wise, said: “Wise’s financial performance over the last year has been solid and the company is positioned well for the future. We are gratified to close this lending facility in a difficult lending environment, and continue our relationship with GMAC CF that started in 2004.”
The facility is being provided by GMAC Commercial Finance, as lender and arranger, and Siemens Financial Services as lender and syndication agent, and includes a revolving credit line and a term loan.
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By GlobalData
