THOMASVILLE, Ga., Nov. 19, 2012 /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO) today announced it amended and extended its existing $500 million senior unsecured revolving loan facility. The amendment provides for a new five-year term and modest improvements in the company's drawn and undrawn pricing under the credit facility. The amended credit facility includes a one-year maturity extension option, and permits Flowers to request additional commitments up to an aggregate of $700 million upon the satisfaction of certain conditions.
Borrowing availability under the credit facility may be used for working capital and general corporate purposes, including capital expenditures, acquisition financing, refinancing of indebtedness, dividends, and share repurchases.
"Amending and extending the credit facility improves our capital structure, providing a solid debt capital base and continued source of liquidity," said R. Steve Kinsey, executive vice president and chief financial officer. "This amendment to our credit facility positions us to take advantage of an assortment of opportunities as we work to achieve our expansion goals."
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is the second-largest producer and marketer of packaged bakery foods for retail and foodservice customers in the United States with 2011 sales of $2.8 billion. Flowers operates 44 bakeries that produce a wide range of bakery products. These products are sold through a direct-store-delivery network with access to approximately 70% of the U.S. population in the East, South, and Southwest as well as in certain markets in California. Select Flowers products are sold nationwide through customers' delivery systems. Among the company's top brands are Nature's Own and Tastykake. For more information, visit www.flowersfoods.com.
Statements contained in this press release that are not historical facts are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) competitive conditions in the baked foods industry, including promotional and price competition, (b) changes in consumer demand for our products, (c) the success of productivity improvements and new product introductions, (d) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (e) fluctuations in commodity pricing, (f) our ability to fully integrate recent acquisitions into our business, and (g) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value. In addition, our results may also be affected by general factors such as economic and business conditions (including the baked foods markets), interest and inflation rates and such other factors as are described in the company's filings with the Securities and Exchange Commission.
SOURCE Flowers Foods, Inc.