Loveland, CO, Oct. 25, 2019 (GLOBE NEWSWIRE) -- Pinnacle Operating Corporation (“Pinnacle”) is pleased to announce the successful extension of the maturity date of its Asset-Based Revolving Credit Agreement (“ABL”). The extension, which incorporates renewed commitments from all of Pinnacle’s ABL lenders, aligns the ABL maturity with some of Pinnacle’s other, longerdated maturities. The extension also provides ongoing business flexibility and reflects the confidence in the underlying performance of Pinnacle’s business.
"I'm pleased to announce the extension of our ABL facility," said Rob Marchbank, CEO of Pinnacle. "The extension is one element of the Strategic Review we announced in July. With the extension in place, Pinnacle will continue the great progress we are making on our strategic and operational initiatives, which are designed to further enhance performance across our organization. The ongoing support from creditors is yet another vote of confidence in our plan and this team’s ability to execute upon these initiatives.”
About Pinnacle
Pinnacle Agriculture is a leading agricultural retail and wholesale distribution business. Headquartered in Loveland, Colorado, the company operates through Pinnacle Agriculture®, Sanders®, AgVenture® Pinnacle, and Meridian Agriculture Distribution™ and serves farmers across 26 states. Pinnacle is multifaceted in its operations, which include seed production and sales, agricultural chemical distribution, bulk handling of fertilizer, precision agriculture services and general merchandise for farming. For more information about Pinnacle Agriculture, visit www.pinnacleag.com.