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           31 May, 2023

Category:  Press » Finances


Wise Foods Refinancing

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2009-09-23 06:15:58     
Wise Foods, Inc.

Wise Foods, Inc., a leading regional salty snack company, announced today the completion of a new $25 million credit facility. The new facility is being provided by GMAC Commercial Finance, as Lender and Arranger, and Siemens Financial Services, Inc. as Lender and Syndication Agent, and includes a revolving credit line and a term loan.

The new debt arrangements will allow Wise to expand and grow through investments in marketplace initiatives including new products. Additionally, the new facility will be used for capital investment to improve efficiencies and expand production capabilities at the Company's main production facility in Berwick, PA.

Edward M. Lambert, the Chairman and CEO of Wise said, "Wise's financial performance over the last year has been solid and the Company is positioned well for the future. We are gratified to close this lending facility in a difficult lending environment, and continue our relationship with GMAC CF that started in 2004."

About Wise Foods -

Founded in 1921, Wise Foods, Inc. is a private company based in Berwick, Pennsylvania that makes and sells salty snacks on the eastern seaboard of the United States. Best known for its potato chips, Wise also offers other salty snack products which include cheese snacks, popcorn, tortilla chips and corn chips. The company's brands include Wise Potato Chips, New York Deli Kettle Cooked Potato Chips, Ridgies Potato Chips, Cheez Doodles, and Dipsy Doodles Corn Chips. For more information, visit Wise's web site at www.wisesnacks.com.

About GMAC Commercial Finance

GMAC Commercial Finance (GMAC CF) provides secured lending products for middle-market businesses, as well as factoring and accounts receivable management. GMAC CF is part of GMAC Financial Services.

About Siemens Financial Services, Inc.

Siemens Financial Services, Inc. (SFS Inc.) is a committed business ally that combines deep industry expertise with integrated financing solutions to enhance the efficiency, productivity, and competitiveness of its customers. The company, based in Iselin, NJ, enables business expansion for customers in the healthcare, energy, and industrial sectors.

Specialized in: Potato Chips - Kettle Chips - Popcorn - Corn Chips - Onion Rings - Wise Foods - Wise Snacks
URL: http://www.wisesnacks.com
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