The Board of Directors of Sanderson Farms (NASDAQ:SAFM) approved an agreement for a new $900M unsecured revolving credit facility through a consortium of banks, effective April 28.
The new facility replaces the existing $750M facility, which was terminated and the termination date of the new facility will be April 28, 2022.
Joe. F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc. stated, “We appreciate the continued support of our bank group and the confidence in our future demonstrated by this expanded credit facility. We look forward to the next stage of growth for Sanderson Farms, as we expect to begin construction of our new poultry complex in Texas during summer 2017. We are pleased that our financial position has allowed us to continue to grow our Company and deliver greater value to our shareholders.”