Calgary-Viterra Inc. said May 17 that it has entered into a credit agreement for a C$1.6 billion revolving credit facility through a syndicate of financing institutions led by TD Securities and RBC Capital Markets and co-arranged by Commonwealth Bank of Australia, HSBC Bank, and Rabobank Nederland, Canadian Branch. The agreement was to become effective May 18. The three-year unsecured operating line, which replaces previous lines of credit that were in place in Canada and Australia, will provide the necessary funding to support the company’s global working capital requirements. In other news, Viterra reports that Standard and Poor’s Ratings Services has upgraded the company’s senior unsecured notes, including the proposed Series 2010-1 Notes, to investment grade. This upgrade, together with Dominion Bond Rating Services’ (DBRS) existing investment grade rating on Viterra’s notes, will make them eligible for the Dex Universe All Corporate Bond Index. “Over the last several years, we have achieved significant growth while maintaining and strengthening our balance sheet and ability to access capital. This, along with our focus on investment grade credit metrics, has helped us to establish a platform to support our global business and strategic initiatives,” said Rex McLennan, Viterra’s CFO.
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