Canadian consumer packaged meats company Maple Leaf Foods announced that it has secured a C$2bn ($1.48bn) credit facility with its existing banking syndicate.

The funding arrangement includes an unsecured committed revolving line of credit and two unsecured committed term facilities.

Maple Leaf Foods chief financial officer Debbie Simpson said: “We are very pleased with our new credit facility and the strong and continued support received from our banking partners.

“This new facility provides us increased capacity to fund strategic growth initiatives, a key step towards achieving our financial and business goals.”

“This new facility provides us increased capacity to fund strategic growth initiatives, a key step towards achieving our financial and business goals.”

The banking syndicate included nine financial institutions, where BMO Capital Markets served as the sole book runner and BMO Capital Markets, Scotiabank, RBC, CIBC and Rabobank Canada acted as the co-lead arrangers. Four additional lenders participated in the funding arrangement.

The C$1.3bn ($971m) unsecured committed revolving line of credit mature on 30 April 2024, and the two unsecured committed term facilities of $265m and C$350m ($261m), mature on 30 April 2024, and 30 April 2023.

With the facility, Maple Leaf intends to fund the construction of two manufacturing facilities in London, Ontario, and Shelbyville, Indiana, and achieve appropriate liquidity levels for the company and other general corporate purposes.

The credit facility refinances and replaces the company’s existing C$400m ($298m) and C$250m ($186m) credit facilities, which will be maturing on 19 October 2021, and 7 November this year.

Last November, Maple Leaf Foods announced its plans to build poultry facility in London, Ontario, with an investment of C$660m ($497m).

Maple Leaf’s 640,000ft² facility will be equipped with advanced technology and processes to ensure food safety, environmental sustainability and animal welfare.