SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 4th, 2007
Commission File No. 0-9989
SUNOPTA INC.
CANADA
(Jurisdiction of Incorporation)
Not Applicable
(I.R.S. Employer Identification No.)
2838 Bovaird Drive West
Brampton, Ontario, L7A 0H2, Canada
(Address of Principal Executive Offices)
(905) 455-1990
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) £ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) £ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SUNOPTA INC. FORM 8-K ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On July 4, 2007 SunOpta Inc. (the "Company") entered into an
amended and restated credit agreement by and among the Company, Bank of
Montreal, as agent, Harris N.A., as U.S. security agent and U.S. administrative
agent, and the lenders party thereto (the "Restated Credit Agreement"). The Restated Credit Agreement increased the Company's
available operating lines of credit by $30 million and adds a $20 million
acquisition facility available for future strategic acquisition or internal
growth opportunities. The increase in available operating lines replaces other
credit facilities that have been consolidated and increases the availability of
borrowings to approximately $85 million under the Restated Credit Agreement. The
Company currently has term debt outstanding under the Restated Credit Agreement
of approximately $54 million. Interest is due quarterly in arrears on any
outstanding borrowings at rates set forth in the Restated Credit Agreement plus
the applicable margin. The applicable margin is based upon the Company's
leverage ratio calculated in accordance with the Restated Credit Agreement. The
Company's obligations under the Restated Credit Agreement are collateralized by
substantially all of its assets and substantially all the assets of all certain
Company subsidiaries in which a security interest may lawfully be granted. The Restated Credit Agreement contains affirmative and
negative covenants by the Company customary for financing transactions of this
type, including those relating to mandatory prepayment upon the occurrence of
certain events. In addition, the Restated Credit Agreement imposes certain
restrictions on the Company's ability to engage in certain transactions,
including those with affiliates or certain other extraordinary transactions. ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN
OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT The information provided in Item 1.01 of this Current Report
8-K is incorporated herein by reference. ITEM 9.01 - FINANCIAL STATEMENTS AND EXHIBITS (a) Not applicable
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
(b) Not applicable
(c) Not applicable
(d) Exhibits
Exhibit
No.
Description
10.1
Fourth Amended and Restated Credit
Agreement made as of July 4th, 2007 among SunOpta Inc. and
various other parties
99.1
Press release dated July 5, 2007
| SUNOPTA INC. | |||
| By | /s/ Steven R. Bromley | By | /s/ John Dietrich |
| Steven R. Bromley, | John Dietrich, | ||
| President and Chief Executive Officer | Vice President and Chief Financial Officer | ||
| Date | July 10, 2007 | Date | July 10, 2007 |