Brief: SunOpta announces strategic partnership with Oaktree

SunOpta

07/10/2016 17:57

Oct 7 (Reuters) - SunOpta Inc  SOY.TO : 
    * SunOpta announces strategic partnership with Oaktree 
    * Company appoints three independent directors to Sunopta 
board 
    * Secures $85 million equity investment 
    * Proceeds from investment have been used to reduce 
company's 2nd lien debt 
    * Sunopta is conducting a thorough review of company's 
operations, management and governance 
    * Board of directors has appointed two Oaktree-nominated 
independent directors, Dean Hollis and Al Bolles, to board 
    * Expects to provide an updated mid-range plan which will 
include performance improvements and cost savings to be realized 
in 2017 
    * Oaktree also has the right to purchase up to 3 million 
shares of Sunopta common stock in open market for a period of 
one year 
    * Sunopta inc says company appoints three independent 
directors to Sunopta board 
    * Secures $85 million equity investment 
    * In reaching the agreement with Oaktree, Sunopta has 
concluded previously announced review of strategic alternatives 
for co 
    * Under agreement, Oaktree invested $85 million in Sunopta 
in form of exchangeable preferred shares 
    * Rothschild Inc is acting as financial advisor to Sunopta 
and Davies Ward Phillips & Vineberg LLP and Stoel Rives are 
acting as its legal advisors 
    * Oaktree's ownership is subject to a 19.99% cap under 
agreement unless and until shareholder approval is obtained to 
remove cap 
 
Source text for Eikon:  ID:nBw89KMBSa  
Further company coverage:  SOY.TO  
 
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