Lifeway Foods extends credit agreement to 2029

Lifeway Foods Inc. (NASDAQ: LWAY) entered into a sixth modification to its credit agreement with CIBC Bank USA on December 29, extending the termination date to February 5, 2029, according to a company statement.

The modification to the amended and restated loan and security agreement includes changes to the fixed charge coverage ratio for the period from December 31, 2025 through June 30, 2027. The ratio will exclude up to $50 million in unfinanced capital expenditures for plant optimization and manufacturing capacity expansion at the company's Waukesha, Wisconsin facility.

The agreement also modifies the change of control definition to specify that certain changes to the company's board of directors do not constitute a change of control event.

The borrowers, which include Lifeway Foods and its wholly-owned subsidiaries Fresh Made Inc. and Lifeway Wisconsin Inc., had no outstanding borrowings when the modification was executed. The material terms and conditions of the original credit agreement remain unchanged aside from the specified modifications.

The credit agreement was originally established on September 30, 2020 and has been amended multiple times since then.

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