International Garden Products Completes Debt Refinancing
Portland, Oregon - International Garden Products, Inc., a leading grower and supplier of ornamental plants and horticultural specialty products, today announced that it has successfully closed on $85 million in new loan facilities. The new credit arrangements include a $50 million Senior Revolving Credit Facility provided by Harris Bank, LaSalle Bank, and FB Bank and a $35 million Junior Secured Term Loan provided by a financial institution. Proceeds from the financing will be used to repay existing debt and provide for additional working capital and growth financing.
International Garden operates through several subsidiaries including: Iseli Nursery, a leading producer of high quality, specialty landscape plants; Langeveld International, the largest importer and distributor of flowering bulbs in the U.S.; Weeks Wholesale Rose Grower, a nationally recognized leader in the breeding and cultivation of bareroot garden roses; and Skagit Gardens, a regional greenhouse operation supplying premium annuals and perennials.
Jay Hulbert, Chief Executive Officer of International Gardens stated, "We are thrilled to have completed this financing. This new financing package will add significant stability to the company and allow us sufficient capital to implement our strategic plan." Ron Ridout, Chief Financial Officer, added "We are very pleased with the financing institutions that are supporting us. The financing arrangements provide us with a significant improvement in available capital at very favorable terms and attractive rates."
Lincoln Partners acted as financial advisor to International Garden Products and arranged the private placement of the $85 million in securities.