home news forum careers events suppliers solutions markets expos directories catalogs resources advertise contacts
 
News Page

The news
and
beyond the news
Index of news sources
All Africa Asia/Pacific Europe Latin America Middle East North America
  Topics
  Species
Archives
News archive 1997-2008
 

Wells Fargo Bank extends $5 million credit line to S&W Seed Company


Five Pionts, California, USA
March 31, 2011

S&W Seed Company (NASDAQ: SANW) today announced that it has completed an agreement for a one-year, revolving line of credit with Wells Fargo Bank National Association with maximum availability of $5,000,000. The outstanding principal balance of the line of credit will bear interest at one month LIBOR plus 2%, which presently equals 2.25% per annum. The line of credit bears a standby fee on one-half percent (0.50%) per annum on the average daily unused amount of the line of credit, for a maximum of $25,000 if the line is not utilized.

"We are very pleased to announce this new revolving credit facility with what we believe is one of the country's leading and most sophisticated agricultural lenders," stated Matt Szot, Chief Financial Officer of S&W Seed. "Our strong relationship with Wells Fargo offers us greater ability to pursue strategic initiatives related to acquisitions, joint ventures, financing of inventory and other business initiatives that might present themselves in the future. This credit arrangement is also flexible, in that its terms do not require us to encumber any of our real property or put significant restraints on operating flexibility."

For more detailed information on the terms and conditions of the new credit line, please refer to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on or before Monday, April 4, 2011.



More news from: S&W Seed Company


Website: http://www.swseedco.com/

Published: March 31, 2011

The news item on this page is copyright by the organization where it originated
Fair use notice

 
 
 
 
 
 
 
 
 
 
 
 

  Archive of the news section


Copyright @ 1992-2025 SeedQuest - All rights reserved