Company Overview of Seneca Foods, LLC
Seneca Foods, LLC processes shelf stable fruit products. It processes peaches, pears, apricots, fruit cocktail, mixed fruit, fruit salad, nectars, and concentrates. It was formerly known as Signature Fruit Company, LLC. The company was founded in 1932 and is based in Modesto, California. Seneca Foods, LLC operates as a subsidiary of Seneca Foods Corp.
2801 Finch Road
Modesto, CA 95354
Founded in 1932
Key Executives for Seneca Foods, LLC
Seneca Foods, LLC does not have any Key Executives recorded.
Seneca Foods, LLC Key Developments
Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods Enters into Loan and Guaranty Agreement with Farm Credit East, ACA
Dec 9 16
On December 9, 2016, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, as Borrowers, and certain subsidiaries of Borrowers as Guarantors entered into a Loan and Guaranty Agreement with Farm Credit East, ACA. The Loan Agreement provides for a $100 million unsecured term loan with a maturity date of December 9, 2021. Borrowings under the Loan Agreement may be used for working capital and general corporate purposes of the Company. The Company may prepay any part of the term loan at any time however Borrowers may not re-borrow any repaid principal of the term loan. Borrowings under the Loan Agreement will bear interest, at the company's option, at Variable Rate LIBOR plus a margin of 2.60% or one month, two month, three month or six month LIBOR plus a margin of 2.60%. The company's obligations under the Loan Agreement are jointly and severally guaranteed by all existing and future domestic subsidiaries of the company, subject to certain exceptions. The Loan Agreement contains restrictive covenants usual and customary for loans of its type, which include, with specified exceptions, limitations on the ability of the Company and its subsidiaries to engage in certain business activities, incur debt, have liens, pay dividends or make other distributions, enter into affiliate transactions, consolidate, merge or acquire or dispose of assets, and make certain investments, acquisitions and loans. The Loan Agreement also requires the Company to satisfy certain financial covenants. Obligations under the Loan Agreement may be declared due and payable upon the occurrence of certain events of default, as defined in the Loan Agreement, including failure to pay any obligations when due and payable, failure to comply with any covenant or representation of any loan document, any change of control, cross-defaults and certain other events as in the Loan Agreement, with grace periods in some cases.
Seneca Announces Third Amended and Restated Loan and Security Agreement
Jul 6 16
On July 5, 2016, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, LLC, Marion Foods, Inc., Lebanon Valley Cold Storage, LLC, Lebanon Valley Cold Storage, LP, Portland Food Products Company, Gray & Company, and Diana Fruit Co., Inc. (collectively, the company) entered into a Third Amended and Restated Loan and Security Agreement with the financial institutions party thereto as lenders, Bank of America, N.A., as agent for Secured Parties, issuing bank, syndication agent, and lead arranger. The loan agreement provides for a senior revolving credit facility of up to $400 million that is seasonally adjusted to $500 million. Borrowings under the loan agreement may be used to satisfy existing indebtedness, to pay fees and transaction expenses associated with the closing of the credit facility, to pay obligations in accordance with the loan agreement, to make permitted acquisitions and for working capital and other lawful corporate purposes of the company, including, but not limited to, the making of capital expenditures and distributions, all in accordance with the terms of the loan agreement. The loan agreement will terminate and all amounts outstanding thereunder will be due and payable no later than July 5, 2021. The loan agreement provides that loans will bear interest, at the company's option, at the Base Rate plus a margin of 0.25% to 0.50% or LIBOR plus a margin of 1.25% to 1.50%, in each case determined based on overall company leverage as set in the Loan Agreement. The Credit Facility initially bears interest at LIBOR plus 1.25% which is the equivalent of approximately 1.70% at July 5, 2016. In addition, the Company is required to pay a commitment fee of 0.25% on the amount unused under the loan agreement.
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