Universal Corporation announced that it had completed a significant refinancing transaction by entering into a new bank credit agreement establishing a $1.4 billion senior unsecured credit facility. The new agreement replaces the company’s prior $1.15 billion senior unsecured credit facility.
The newly established credit facility is structured to provide Universal with enhanced liquidity, extended maturities, and greater financial flexibility. It consists of a five-year, $780 million committed revolving credit facility, a $275 million five-year funded term loan, and a $345 million seven-year funded term loan. Collectively, these components form the company’s 2025 Facility.
Universal said the refinancing is designed to support its long-term strategic objectives by improving access to capital, reducing borrowing costs, and broadening its base of banking relationships. The company operates as a global business-to-business agriproducts provider, serving customers across more than 30 countries through a network of farmers and partners.
Universal Corporation, which has more than a century of operating history, focuses on supplying high-quality, traceable agricultural products and related solutions. The company leverages its global supply chain, integrated processing capabilities, and commitment to sustainability to meet evolving customer requirements and deliver long-term value.
Support: The credit agreement was arranged with support from a group of financial institutions, with JPMorgan Chase Bank, N.A., Truist Securities, Inc., and AgFirst Farm Credit Bank acting as joint bookrunners and joint lead arrangers on the transaction.
KEY QUOTES:
“This refinancing strengthens our Company by increasing liquidity and financial flexibility, lowering borrowing costs, and expanding our banking relationships. We appreciate the strong support from our new and existing banking partners. Our new credit facility positions us to advance our strategic priorities and deliver long-term value for our shareholders.”
Preston Wigner, Chairman, President, And Chief Executive Officer, Universal Corporation
