Terressentia secures $79MM Revolving Credit and Term Loan Facility with SunTrust Bank
May 3, 2018
Terressentia Corporation, which specializes in production and sale of distilled spirits, owner of the O.Z. Tyler Distillery and the inventor of TerrePURE® technology, announced it has successfully completed a $79MM revolving credit and term loan facility agreement with SunTrust Bank. The terms of the agreement include a $59MM Senior Credit Facility – $40MM revolving credit note and a $19MM term loan – with an additional $20MM accordion option available to the company should it be needed.
“This is exciting news that comes on the heels of the launch of O.Z. Tyler Kentucky Bourbon and Rye whiskeys, our own new brand produced using our all-natural TerrePURE process,” said Earl Hewlette, CEO of Terressentia. “This credit and term loan will allow us to support our growth initiatives in both our distilleries located in Charleston, S.C. and Owensboro, Kentucky. We continue to see more demand from our new, existing and potential customers, and we appreciate the confidence the bank has shown us to enable us expand our business.”
Plans for the funds include rickhouse improvements, plant expansion in South Carolina, laying down inventory, and satisfying debt from the last private equity raise, as well as funding operational working capital.
About Terressentia
Terressentia Corporation is headquartered in North Charleston, S.C. and specializes in the production and sale of distilled spirits to large retail chains, individual brand owners, and other distilleries or exporters. It owns the O.Z. Tyler distillery in Owensboro, KY, which produces its own brands as well as brands for customers. Terressentia is the inventor of TerrePURE® technology. For more information visit www.terressentia.com.
