Landec Corporation Amends Its Credit Agreement
Landec Corporation (LNDC)
Last landec corporation earnings: 3/31 04:05 pm
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US:NASDAQ Investor Relations:
ir.landec.com/investor-relations
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Source: GlobeNewswire
SANTA CLARA, Calif., Oct. 29, 2019 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq: LNDC), a diversified health and wellness company with two operating businesses, Curation Foods, Inc. and Lifecore Biomedical, Inc. amended its credit facility with its current syndicate of lenders, JPMorgan Chase, BMO Harris Bank and City National Bank. “This amendment provides us flexibility and greater liquidity to implement our strategic priorities to improve operating margins at Curation Foods by accelerating investments in cost-out initiatives, while furthering our investments in growth and capacity at Lifecore to meet increasing customer demand,” stated Greg Skinner, Landec’s EVP of Finance and CFO. The amendment increased the credit facility from $205 million to $220 million, consisting of a $120 million term loan and a $100 million revolving credit facility. The $120 million term loan has a three-year term through October 25, 2022 with a 10-year amortization period. The Company intends
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