October 7, 2016 / 5:11 PM / 2 years ago

BRIEF-SunOpta announces strategic partnership with Oaktree

Oct 7 (Reuters) - SunOpta Inc :

* 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: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below