Sprouts farmers market revises credit facility

Phoenix, march 25, 2022 (globe newswire) -- sprouts farmers market, inc. (“sprouts”; nasdaq: sfm) today announced the closing of a $700 million revolving credit facility (the “revolving credit facility”) under a credit agreement dated as of march 25, 2022 (the “credit agreement”). the revolving credit facility and credit agreement refinance the company's previously existing $700 million revolving credit facility, which was repaid and terminated in connection with sprouts' entry into this new credit agreement. the credit agreement contains terms and conditions substantially similar to the previously existing credit agreement, with a commitment expiration date of march 2027 and the addition of sustainability-linked pricing terms, revised pricing terms for loans and commitments thereunder and additional covenant flexibility. a portion of the pricing for loans and commitments under the revolving credit facility will be based on sprouts' performance in two sustainability-linked areas – board of director diversity and sales of socially and environmentally sustainable products. at closing, sprouts had outstanding total borrowings of $250 million and letters of credit of $32 million outstanding under the revolving credit facility, with a remaining availability of $418 million under the revolving credit facility.
SFM Ratings Summary
SFM Quant Ranking