MINNEAPOLIS, Minn., June 14, 2021 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres" or the "Corporation") a global agricultural, energy and industrial products merchandising and supply chain company, announced that it has entered into a five-year senior secured $50 million term debt credit facility with the Bank of Montreal ("BMO") that includes a $30 million term loan draw that will be used to retire the Company's term loan with Bixby Bridge Fund IV, LLC ("Bixby") along with an additional $20 million delayed draw committed term loan that will be used to fund future growth projects and initiatives. The BMO term debt credit facility is priced at Libor + 3.5% which is significantly below the Bixby loan rate of Libor plus 6.0%. All amounts are in U.S. currency.
"We are pleased to announce this BMO term debt credit facility that gives us access to more capital at a significantly reduced price," said Mr. Jay Bierley, Vice President and Chief Financial Officer at Ceres. "This credit facility will positively impact our earnings, strengthen our balance sheet, and provide capital needed to pursue growth and increase Ceres's competitiveness in the markets in which we operate. We would also like to thank Bixby for their support in providing needed capital that helped get us to the position we are today."
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Ceres and its subsidiaries ("Ceres") add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high-quality agricultural commodities, value-added products and raw materials. Leveraging its network of commodity logistics centers and team of industry experts, Ceres connects farmers to customers around the world.
Ceres is headquartered in Golden Valley, Minnesota, and together with its affiliated companies, operates 13 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 31 million bushels.
Ceres has a 50% interest in Savage Riverport, LLC (a joint venture with Consolidated Grain and Barge Co.), a 50% interest in Farmers Grain, LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 50% interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), a 25% interest in Stewart Southern Railway Inc. (a short-line railway located in southeast Saskatchewan with a range of 130 kilometers), and a 17% interest in Canterra Seed Holdings Ltd. (a Canada-based seed development company).
For more information about Ceres, please visit www.ceresglobalagcorp.com
SOURCE Ceres Global Ag Corp.
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CERES GLOBAL AG CORP. 
