Longmont, Colorado, USA
October 27, 2022
S&W Seed Company (Nasdaq: SANW), a global agricultural company, today announced the Company has extended and increased its credit facilities with National Australia Bank Limited (NAB) to a combined maximum of AUD $49 million (approximately USD $31.8 million), an increase of AUD $9 million (approximately USD $5.8 million) as compared to the Company's prior facilities. The credit facilities include a seasonal credit facility (comprised of a borrowing base line and an overdraft facility), a flexible rate loan, and a master asset finance facility, with expiration dates ranging from September 2023 to May 2026.
The Company plans to use the increases in its credit facilities to support its growing international forage operations based out of Adelaide, South Australia. S&W's international forage operations focus on providing proprietary alfalfa seed and pasture products, including Alfalfa, Medic, Sub Clovers, Annual Clovers, Vetch, Forage Cereals, Grasses and Pasture Species, to non-U.S. global markets.
S&W international forage operations consist of established and diversified production capabilities and a global distribution platform, with forage products being sold in more than 30 countries over a 40-year operating history. Currently, S&W is one of the largest forage seed businesses in Australia.
"We believe these increased credit facilities reflect the support NAB has for S&W's strategic plan going forward, and in particular their belief in the strength of our international forage operations. This increased borrowing capacity will help us continue to grow our international operations," commented Mark Wong, CEO of S&W Seed Company. "We are grateful for the relationship S&W has had with NAB for more than 10 years and look forward to a mutually beneficial relationship for years to come."
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