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Jamieson Wellness Inc. Announces Amended and Restated Credit Facility
September 30, 2019
Source: Business Wire
Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX:JWEL) announced today that its subsidiaries Jamieson Laboratories Ltd. and Jamieson Health Products USA Ltd. have successfully amended their senior secured credit facilities pursuant to an Amended and Restated Credit Agreement with a syndicate of lenders (the “Amended and Restated Credit Agreement” or the “Agreement”). The Agreement extends the maturity date of the credit facilities to September 27, 2024 and provides availability of up to $475 million, which includes an expanded accordion feature.
The existing term and revolving facilities totaling $198 million are now replaced by one committed revolving facility with availability up to $275 million. In addition to the $275 million committed revolving facility, the Company has $200 million of uncommitted funding through an accordion feature. The Agreement also contains improved pricing and eliminates regularly scheduled quarterly term debt payments.
“We are grateful to our existing and new lending partners for their dedication and commitment throughout this process,” said Chris Snowden, Chief Financial Officer of Jamieson Wellness. “The amended facility provides the Company access to additional capital at improved pricing to help support our long-term growth initiatives.”
The syndicate is comprised of 11 institutional lenders. Bank of Montreal acted as Administrative Agent, Lead Arranger and Sole Bookrunner for the Amended and Restated Credit Agreement. All figures quoted are in Canadian dollars.
About Jamieson Wellness
Jamieson Wellness is dedicated to improving the world's health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company's heritage brand and Canada's #1 consumer health brand. Jamieson Wellness manufactures and markets sports nutrition products and specialty supplements under its Progressive, Precision and Iron Vegan brands. The Company also markets products by Lorna Vanderhaeghe Health Solutions (LVHS), the #1 women's natural health focused brand in Canada. In 2019, Jamieson Wellness was named as one of the top ten most reputable Canadian companies by the Reputation Institute. For more information please visit jamiesonwellness.com.
Contacts
Jamieson Wellness
Ruth Winker
416-960-0052
rwinker@jamiesonlabs.com
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