Village Farms International amended its credit agreement with Farm Credit Canada, extending the maturity date to February 3, 2031 and reducing the interest rate margin by 50 basis points.
Key takeaways
The company extended its loan maturity by four years to February 3, 2031.
The applicable margin on the annual interest rate was reduced by 50 basis points.
The loan carries a variable interest rate currently below 7.0% with a current balance of US $15.4 million.
All other material terms of the loan remain unchanged.
The company's CFO stated the amendments demonstrate the improving strength of the business.