Menu Foods Income Fund
TSX : MEW.UN

Menu Foods Income Fund

March 31, 2010 16:17 ET

Menu Foods Income Fund Finalizes New Credit Facility

TORONTO, ONTARIO--(Marketwire - March 31, 2010) -

NOT FOR RELEASE OVER US NEWSWIRE SERVICES

Attention Business/Financial Editors:

Menu Foods Income Fund (TSX:MEW.UN) ("Menu" or the "Fund") today announced that it has finalized the definitive agreements with its banker for the provision of US$105,000,000 in new credit facilities. The fully underwritten credit facilities are composed entirely of senior debt, including a US$30,000,000 revolving term facility and a US$75,000,000 non-revolving term facility. The proceeds of these facilities were used to repay all of Menu's existing debt. The new credit facilities will mature March 31, 2013.

The new facilities are expected to reduce Menu's cost of borrowing by approximately $2.0 million per annum.

"We are very pleased with the closing of this process. As I commented on February 3, 2010 when we announced this financing agreement in principle, this is a testament to the underlying strength of Menu's ongoing business.", stated Paul Henderson, President and Chief Executive Officer, Menu Foods GenPar Limited.

Menu is a leading North American private-label/contract manufacturer of wet pet food products sold by supermarket retailers, mass merchandisers, pet specialty retailers and other retail and wholesale outlets.

Contact Information

  • Menu Foods GenPar Limited
    Mark Wiens
    Chief Financial Officer
    (905) 826-3870 ext. 420