Viterra Inc.

Viterra Inc.

May 15, 2008 14:05 ET

Viterra Successfully Completes Credit Financing

REGINA, SASKATCHEWAN--(Marketwire - May 15, 2008) - Viterra Inc. (TSX:VT) today announced that it successfully completed a $400 million, five-year term credit facility. The loan facility was underwritten by TD Securities, acting as sole bookrunner and co-lead arranger and GE Corporate Lending Canada and GE Capital Markets acting as co-lead arrangers. The transaction was oversubscribed and includes eleven banks in the syndicate.

Upon closing, Viterra received $300 million in proceeds from the facility and approximately $232.5 million of this amount was used to fully repay the remaining outstanding amounts on its bridge facility. The remaining $100 million of the credit facility can be drawn by the Company during the next six months.

The balance of the proceeds will be used for general corporate purposes, including the funding of potential future acquisitions. Based upon Viterra's current credit ratings, the rate of interest on the facility is at approximately 6.3% on Canadian dollar borrowings and approximately 6.5% on US dollar borrowings, with minimum mandatory repayments of 4% per annum.

Viterra Inc. is Canada's leading agri-business, with extensive operations and distribution capabilities across Western Canada, and with operations in the United States and Japan. The company is diversified into sales and services of crop inputs and equipment, grain handling and marketing, livestock feed, agri-food processing and financial products. These operations are complemented by value-added businesses and strategic alliances, which allow Viterra to leverage its pivotal position between Prairie farmers and destination customers. The Company's common shares are listed on the Toronto Stock Exchange under the symbol VT.

Contact Information

  • Viterra Inc.
    Peter Flengeris
    Investor Relations and Corporate Affairs
    (306) 569-4810