Village Farms International Announces Favorable Amendment to FCC Credit Agreement
Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced that it has favorably amended a credit agreement with one of its term lenders, resulting in improved terms, and greater financial flexibility which aligns with the Company’s strategic focus on its expanding cannabis businesses internationally.
The Company announced that it has amended its Fresh Produce loan with Farm Credit Canada (“FCC Loan”) to improve financial covenants which will enable the Company to progress its business without continued waiver requirements. These changes reflect considerable expansion and growth of Village Farms’ business since entering into the original credit agreement in 2013, as well a recognition of the Company’s stronger strategic focus on its growing cannabis business. The FCC Loan carries a variable interest rate below 8.0 percent and matures on May 3, 2027. Other material terms for the FCC Loan remain unchanged.
Michael DeGiglio, Chief Executive Officer of Village Farms commented, “Today’s announcement reflects our long-standing, collaborative relationship with FCC and their continued support of our growth strategy. More favorable financial covenants on our FCC loan will enable us greater flexibility to make further growth investments in the future. We believe this amendment demonstrates strength in our business, which is positioned for a strong year of growth in 2025.”
About Village Farms International
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods. The Company has a strong foundation as the leading and longest-tenured fresh produce supplier to grocery and large-format retailers throughout the US and Canada and is capitalizing on new high-growth opportunities in the cannabis and CBD categories in North America, the Netherlands and selected markets internationally.
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