Farm Pride Foods (ASX:FRM) secured new finance facilities of AU$27.6 million in total with National Australia Bank (ASX:NAB), according to a Friday Australian bourse filing.
Of the total, AU$12.5 million will be used to refinance existing debt with MC FP and AU$2 million with AMAL Trustees.
The remaining funds will be used for capital initiatives at its Keysborough processing facility and investment in on-farm infrastructure improvements.
The cost of funds under the NAB facility is lower than under the previous arrangements with Merricks Capital and TP24.
The completion of the financing facilities is subject to conditions precedent and subsequent.
Farm Pride Foods' shares rose almost 13% in recent trading on Friday, while National Australia Bank's shares added 1%.
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