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ATCHISON, Kan., April 29, 2025--(BUSINESS WIRE)--MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of branded and distilled spirits and food ingredient solutions, today announced it has successfully refinanced its revolving credit facility and amended its note purchase and private shelf agreement.
As part of the refinancing, MGP upsized its revolving credit facility from $400 million to $500 million and extended its maturity from 2026 to 2030, with unchanged applicable interest rates. The amended revolving credit facility includes an accordion feature, which increased in size from $100 million to $200 million and is subject to certain conditions. In addition, the company amended its note purchase and private shelf agreement to extend its shelf for issuing up to $250 million of senior secured promissory notes to 2028.
"We are extremely pleased with the results of our refinancing," said Mark Davidson, VP, Corporate Controller and Head of Treasury. "The ability to upsize and extend the maturity of our credit facility and maintain attractive interest rates highlights the strength of our balance sheet and cash flows. We believe this successful refinancing gives us significant financial flexibility to execute on our strategic objectives and positions us to drive strong shareholder returns."
The credit facility is with a syndicate of lenders led by Wells Fargo Bank, N.A. Our note purchase and private shelf agreement is with various affiliates of PGIM, Inc. (Prudential).
About MGP Ingredients, Inc.
MGP Ingredients Inc. (Nasdaq: MGPI) has been formulating excellence since 1941 by bringing product ideas to life across the alcoholic beverage and specialty ingredient industries through three segments: Branded Spirits, Distilling Solutions, and Ingredient Solutions. MGPI is one of the leading spirits distillers with an award-winning portfolio of premium brands including Penelope, Rebel, Remus, and Yellowstone bourbons and El Mayor Tequila, under the Luxco umbrella. With distilleries in Indiana and Kentucky; a tequila distillery in Arandas, Mexico; and bottling operations in Missouri, Ohio and Northern Ireland, the company creates distilled spirits for customers including many world-renowned spirits brands. In addition, the company’s high-quality specialty fiber, protein and starch ingredients provide functional, nutritional and sensory solutions for a wide range of food products. To learn more visit MGPIngredients.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements about the ability of MGP Ingredients, Inc. (the "Company" or "MGP") to have financial flexibility and to drive shareholder returns. Forward looking statements are usually identified by or are associated with words such as "intend," "plan," "believe," "estimate," "expect," "anticipate," "project," "forecast," "hopeful," "should," "may," "will," "could," "encouraged," "opportunities," "potential," and similar terminology. These forward-looking statements reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance, Company financial results, and Company financial condition and are not guarantees of future performance.