SECAUCUS, N.J., Sept. 21, 2017 (GLOBE NEWSWIRE) -- Freshpet, Inc. (NASDAQ:FRPT) (“Freshpet” or the “Company”)
today announced the closing of an amended credit facility that will replace its primarily term-based existing facility of $30
million and $10 million revolver with a straight $30 million revolver and the ability to increase the revolver by an additional $10
million. The new revolver will mature in September 2020.
Billy Cyr, Chief Executive Officer, stated, “The lower rates and fees along with the increased flexibility of
this amended facility is another tool to advance our 'Feed the Growth' strategy.”
At closing, the Company had total borrowings of $5.5 million under the new $30 million revolver, providing the
Company with $24.5 million of availability. The Company expects to fund its business through cash provided by operations for the
remainder of 2017, while continuing to reduce the facility usage. The existing facility, which had $7.5 million outstanding, was
repaid with proceeds from the new revolver and cash on hand. The new revolver will bear interest at variable rates depending on the
Company’s election, either at a base rate or at LIBOR, in each case, plus an applicable margin. Subject to the Company’s leverage
ratio, the applicable margin will vary between 0.75% and 1.25% for base rate loans and 1.75% and 2.25% for LIBOR loans.
About Freshpet
Freshpet has a single-minded mission – to improve the lives of dogs and cats everywhere through the power of
fresh, natural food. Packed with vitamins and proteins, our foods offer fresh meats, poultry, and vegetables farmed locally. At our
Freshpet Kitchens, we thoughtfully prepare these natural ingredients and everyday essentials, cooking them in small batches at
lower temperatures to preserve key nutrients. That way, your pet gets the best. Freshpet refrigerated foods and treats are kept
cool from the moment they are made until they arrive at Freshpet Fridges in your local market.
Our foods are available in select mass, grocery, natural food, club, and pet specialty retailers across the
United States, Canada and are currently testing in the United Kingdom. From the care we take to source our ingredients and make our
food, to the moment it reaches your home, our integrity, transparency are the way we like to run our business. To learn more, visit
www.freshpet.com.
Connect with Freshpet
https://www.facebook.com/Freshpet
https://twitter.com/Freshpet
http://instagram.com/Freshpet
http://pinterest.com/Freshpet
https://plus.google.com/+Freshpet
https://en.wikipedia.org/wiki/Freshpet
https://www.youtube.com/user/freshpet400
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These statements
are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future
events or future results. Such forward-looking statements generally can be identified by the use of forward-looking terminology
such as "may," "will," "expect," "intend," "could," "estimate," "should," "anticipate," or "believe," or variations thereof or
similar terminology. While the Company believes that its assumptions reflected in such forward-looking statements are reasonable,
there can be no assurance that actual results will not differ materially from management’s expectations reflected in such
forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the general
strength of the economy and other economic conditions affecting consumer preferences and spending; factors affecting the disposable
income available to the Company's current and potential customers; changes in the unemployment rate; difficulties encountered in
improving the financial and operational performance of the Company's business segments; failure to manage the Company's store labor
and other store expenses; the Company’s ability to develop and successfully execute strategic initiatives; disruptions to the
Company’s supply or finished goods; as well as the other risks described in the Company’s most recent Annual Report on Form 10-K
and its other filings with the SEC.
Investor Contact
Katie Turner
646-277-1228
katie.turner@icrinc.com
Media Contact
Michael Fox
203-682-8218
Michael.fox@icrinc.com
