Whole Earth Brands, Inc. Increases Revolving Credit Facility to $125 Million

Rhea-AI Summary

Whole Earth Brands (Nasdaq: FREE) announced on June 17, 2022, that it has amended its credit agreement, effective June 15, 2022. The amendment involves a $50 million increase to its revolving credit facility, raising the total from $75 million to $125 million, and replaces LIBOR with SOFR as the interest rate reference. CFO Duane Portwood emphasized the enhanced financial flexibility this provides, supporting the company's growth and liquidity. The amendment was facilitated by TD Securities, with participation from Toronto-Dominion Bank, Truist Bank, and BMO Harris Bank.

Positive

• Increased revolving credit facility from $75 million to $125 million enhances financial flexibility.
• Replacement of LIBOR with SOFR aligns with market standards, likely reducing borrowing costs.

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• None.

CHICAGO, June 17, 2022 (GLOBE NEWSWIRE) -- Whole Earth Brands, Inc. (the “Company”) (Nasdaq: FREE) a global food company enabling healthier lifestyles through premium plant-based sweeteners, flavor enhancers and other foods, today announced that it completed an amendment, effective June 15, 2022, to its amended and restated credit agreement (the “Agreement”) with its lenders. The Agreement was amended to (i) reflect a $50 million increase in the size of the Company’s existing revolving credit facility from $75 million to $125 million; and (ii) to replace LIBOR with SOFR as the reference interest rate. There were no other substantive changes to the Agreement.

“We are grateful to our lending partners for their support and the confidence they have in the Company executing its business plan. We believe that the additional financial flexibility afforded to us through the upsized revolver will allow us to continue our profitable growth journey while preserving ample liquidity," said Duane Portwood, Chief Financial Officer.

Three lenders participated in the $50 million increase to the revolving credit facility agented by TD Securities: The Toronto-Dominion Bank, New York Branch, Truist Bank, and BMO Harris Bank N.A.

About Whole Earth Brands

Whole Earth Brands is a global food company enabling healthier lifestyles and providing access to premium plant-based sweeteners, flavor enhancers and other foods through our diverse portfolio of trusted brands and delicious products, including Whole Earth Sweetener^®, Wholesome^®, Swerve^®, Pure Via^®, Equal^® and Canderel^®. With food playing a central role in people’s health and wellness, Whole Earth Brands’ innovative product pipeline addresses the growing consumer demand for more dietary options, baking ingredients and taste profiles. Our world-class global distribution network is the largest provider of plant-based sweeteners in more than 100 countries with a vision to expand our portfolio to responsibly meet local preferences. We are committed to helping people enjoy life’s everyday moments and the celebrations that bring us together. For more information on how we “Open a World of Goodness^®,” please visit www.WholeEarthBrands.com.

Contacts:

Investor Relations Contacts:
Whole Earth Brands
312-840-5001
investor@wholeearthbrands.com

ICR
Jeff Sonnek
646-277-1263
jeff.sonnek@icrinc.com

FAQ

What is the recent credit agreement amendment for Whole Earth Brands (FREE)?

Whole Earth Brands announced a $50 million increase to its revolving credit facility, raising it from $75 million to $125 million.

How does the credit facility amendment affect Whole Earth Brands (FREE)?

The amendment provides increased financial flexibility, allowing the company to support profitable growth and maintain liquidity.

When was the credit agreement amended for Whole Earth Brands (FREE)?

The credit agreement was amended effective June 15, 2022.

Who participated in the credit facility increase for Whole Earth Brands (FREE)?

The increase was facilitated by TD Securities and included participation from Toronto-Dominion Bank, Truist Bank, and BMO Harris Bank.

What interest rate was replaced in the Whole Earth Brands (FREE) credit amendment?

The amendment replaced LIBOR with SOFR as the reference interest rate.