PARK CITY, Utah, -- Nutraceutical International Corporation (Nasdaq: NUTR) today announced that it had closed a new five-year, $60 million, revolving credit facility with Rabobank International as lead bank and with KeyBank, Wells Fargo Bank and Zions Bank as participating banks. Initial borrowings of $23.5 million under the new revolving credit facility were used to repay Nutraceutical's outstanding balance owed under its prior credit agreement, which was scheduled to mature in January 2003.
"Nutraceutical is pleased to secure this new revolving credit facility with a bank group knowledgeable about the industry," said Les Brown, Nutraceutical's senior vice president and chief financial officer. "This new facility assures us long-term, flexible financing to pursue our stated business strategies, which include increasing market share in the 'Healthy Foods Channel,' developing innovative new products, capitalizing on international growth and pursuing acquisition opportunities."
Nutraceutical is one of the nation's largest manufacturers and marketers of quality branded nutritional supplements sold to health and natural food stores. The Company sells its branded products under the brand names Solaray(R), KAL(R), NaturalMax(R), VegLife(R), Premier One(R), Solar Green(R), Natural Sport(R), ActiPet(R), Action Labs(R) and Thompson(R) to health and natural food stores in the United States, and to distributors and stores worldwide. Under the name Woodland Publishing(TM), the Company publishes, prints and markets a line of books and booklets to, among others, book distributors, national retail bookstores and health and natural food stores. The Company manufactures and/or distributes one of the broadest branded product lines in the industry with over 2,500 stock keeping units (SKUs), including over 400 SKUs exclusively sold internationally. The Company believes that as a result of its emphasis on innovation, quality, loyalty, education and customer service, the Company's brands are widely recognized in health and natural food stores and among their customers. In addition to its branded products, the Company manufactures bulk materials for use in its own products and for sale to other manufacturers and marketers in the nutritional supplement industry under the trade names Monarch Nutritional Laboratories(TM) and Great Basin Botanicals(TM).
The statements contained in this release, including those regarding the Company's business strategy, cost improvements, industry performance and the impact of these activities on the Company's future success, and all other statements that are not purely historical, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Many of the factors that will determine the Company's financial results are beyond the ability of the Company to control or predict. These factors include, among other things, changing domestic and international market and political conditions, product competition, the nature of product development, adverse publicity regarding the consumption of nutritional supplements, changes in laws and regulations, adequacy and availability of insurance coverage, availability of raw materials, dependence on distributors and customers, litigation, limitations on future financings, increased costs, the Company's ability to manufacture its products efficiently, sales and earnings volatility, acts of war and terrorist activities, and the uncertainties relating to acquisitions. Actual events or the Company's actual results could differ materially from those indicated in the forward-looking statements contained in this press release. All such forward-looking statements are based upon information available to the Company as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements contained herein. For further details and a discussion of these risks and uncertainties, see the Company's SEC filings, which are updated from time to time, copies of which are available upon request from the Company at 435-655-6106.