The latest announcement is out from Vital Farms (VITL).
Vital Farms, Inc. has secured a significant financial boost with a new $60 million senior secured revolving credit facility provided by JPMorgan Chase Bank, replacing an earlier $20 million credit arrangement with PNC Bank. This new facility offers flexibility with a letter of credit sub-limit and an expandable option for additional funds, subject to the company meeting certain earnings criteria. With no current outstanding loans, Vital Farms faces interest rates tied to leverage ratios and must adhere to strict financial covenants, including maintaining specific leverage and coverage ratios. This strategic move, backed by the company’s substantial assets, is poised to support Vital Farms’ growth and operational needs.
For detailed information about VITL stock, go to TipRanks’ Stock Analysis page.
