Brief: Sunopta Secures US$60 Million Equity Commitment

SunOpta

16/04/2020 12:55

April 16 (Reuters) - Sunopta Inc  SOY.TO :
    * SUNOPTA SECURES US$60 MILLION EQUITY COMMITMENT
    * SUNOPTA - ENTERED INTO FINANCING AGREEMENT WITH FUNDS
MANAGED BY
OAKTREE CAPITAL MANAGEMENT, L.P. AND ENGAGED CAPITAL, LLC
    * SUNOPTA INC - UNDER AGREEMENT, OAKTREE AND ENGAGED WILL
INVEST
UP TO TOTAL OF US$60 MILLION IN SUNOPTA IN FORM OF EXCHANGEABLE
PREFERRED SHARES
    * SUNOPTA INC - PROCEEDS FROM EQUITY INVESTMENT WILL BE USED
PRIMARILY TO INVEST IN CO'S PLANT-BASED FOODS AND BEVERAGES
BUSINESS
    * SUNOPTA INC -  OAKTREE AND ENGAGED HAVE COMMITTED TO
PURCHASE UP
TO US$60 MILLION OF NEWLY CREATED SERIES B EXCHANGEABLE
PREFERRED SHARES IN TWO TRANCHES
    * SUNOPTA INC - AS PART OF TRANSACTION, CO HAS COMMITTED TO
NOMINATING A DESIGNEE OF ENGAGED TO SERVE ON COMPANY'S BOARD,
SUBJECT TO CERTAIN CONDITIONS
    * SUNOPTA INC - ENGAGED HAS RIGHT TO NOMINATE ONE DIRECTOR
CANDIDATE TO COMPANY'S BOARD
    * SUNOPTA INC - OAKTREE CONTINUES TO HAVE RIGHT TO NOMINATE
TWO
DIRECTOR CANDIDATES TO COMPANY'S BOARD
    * SUNOPTA INC - OAKTREE AND ENGAGED HAVE AGREED TO
PROTECTIVE
COVENANTS RELATING TO A CHANGE OF CONTROL OF COMPANY

Source text for Eikon:  ID:nBw2Lk2Dwa 
Further company coverage:  SOY.TO 

 (Reuters.Briefs@thomsonreuters.com)