Farm Pride Foods (ASX:FRM) has announced a new $27.6 million finance facility secured with National Australia Bank (ASX:NAB), aimed at strengthening its capital structure and supporting operational growth.
Of the total facility, $14 million will refinance existing debt, including $12.6 million with Merricks Capital and $2 million with TP24.
The remaining funds will be used for capital upgrades at the company's Keysborough processing facility and on-farm infrastructure improvements at both existing and potential new farm sites, pending planning approvals.
The new facility offers lower financing costs compared to previous arrangements. Finalisation of the facility remains subject to standard conditions.
At the time of reporting, Farm Pride Foods' share price was $0.27.