Core Company Initiatives - S&W Seed Company has implemented strategic initiatives to focus on its core U.S.-based operations, particularly its high-margin sorghum trait portfolio with Double Team, while aligning its cost structure for near-term profitability [1] - The company has closed a new 25 million revolving credit agreement with ABL OPCO LLC, replacing an existing facility with CIBC Bank USA [4] Financial Developments - MFP Partners L.P., S&W's largest shareholder, provided a letter of credit worth 13 million to support S&W's obligations under the new credit agreement, enhancing the company's borrowing capacity [10] - S&W repurchased 200,000 shares of its common stock from MFP in a private transaction, which were then retired and restored to authorized but unissued shares [7] Company Overview - Founded in 1980, S&W is a global multi-crop agricultural company based in Longmont, Colorado, aiming to be the preferred proprietary seed company supplying sorghum, forage, and specialty crop products [2] - S&W is a leader in sorghum seeds with strong research, development, production, and distribution capabilities, and has a commercial presence in proprietary alfalfa and sustainable biofuel feedstocks [2]
S&W Secures New $25 Million Working Capital Facility