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May 13, 2010 (FinancialWire) —  Maple Leaf Foods (TSX: MFI) said it has completed an agreement with a syndicate of banks to augment the company's primary revolving credit facility with a $250 million short term bank lending facility.

According to Maple Leaf, the short term bank facility matures concurrently with the company's primary revolving credit facility, on May 31, 2011.

The facility is an unsecured, delayed draw term loan and bears interest based on short-term interest rates, according to the company. Maple Leaf said it will be used to meet the company's short term funding requirements for general corporate purposes, and to provide an adequate level of excess liquidity.

The facility includes covenants that are materially consistent with the company's existing credit arrangements.

Canada-based Maple Leaf Foods is a food processing company that employs around 23,500 people at its operations across Canada, and in the United States, Europe and Asia. Maple Leaf reported sales of around $5.2 billion in 2009.

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