Boulder Brands Announces Amendment to Credit Agreement
BOULDER, Colo., March 18, 2013 (GLOBE NEWSWIRE) -- Boulder Brands, Inc. (the
"Company") (Nasdaq:BDBD) today announced that it has successfully amended its
credit agreement, which was originally entered into on July 2, 2012.
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The amendment, among other things, increases the Company's revolving credit
facility from $40.0 million to $60.0 million, increases the required ratio of
total funded debt to EBITDA for purposes of permitted acquisitions from 4.00
to 1.00 to 4.25 to 1.00 and provides the Company with greater financial
flexibility to make future capital expenditures by increasing the annual limit
from $12.0 million to $20.0 million. The amended capital expenditure annual
limit of $20.0 million excludes up to $14.0 million in capital expenditures
related to the Udi's continuous bread line and facilities consolidation,
"We are pleased with our ability to amend our credit agreement to achieve
terms that improve our financial flexibility," said Christine Sacco, Boulder
Brands, Inc. Treasurer and Chief Financial Officer. "We appreciate the support
that we received in this transaction from our banking partners, which reflects
the strength of our relationships with our banks and the solid fundamentals of
our business as we continue to execute our long-term growth strategy."
About Boulder Brands, Inc.
Boulder Brands, Inc. (Nasdaq:BDBD) is committed to providing superior tasting,
solution-driven products. The company's health and wellness platform consists
of brands that target specific consumer needs: Glutino and Udi's for
gluten-free diets; Earth Balance for plant-based diets; Smart Balance for
heart healthier diets; and Bestlife for weight management. For more
information about Boulder Brands, Inc., please visit www.boulderbrands.com.
The Boulder Brands, Inc. logo is available at
CONTACT: Carole Buyers, CFA
Senior Vice President Investor Relations
& Business Development
Boulder Brands, Inc.
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