Key Developments For Imperial Sugar Company
Imperial Sugar Company (IPSU.O) (Consolidated Issue listed on NASDAQ Global Market)
Imperial Sugar Company Completes Financing
Imperial Sugar Company announced that it has closed a $100 million tax-exempt bond offering to finance the new construction of the largest sugar refinery in the United States. The bonds are rated Aa3 by Moody`s Investors Service on the basis of a letter of credit from Natixis, acting through its New York Branch, and were underwritten by Thornton Farish Inc. and Natixis Securities North America Inc. ING Capital LLC was Sole Lead Arranger, Sole Bookrunner and Syndication Agent. Natixis was Administrative Agent and Union Bank, N.A. was Documentation Agent. Local involvement in the financing was through First South Farm Credit.
Imperial Sugar Company Closes Three Way Joint Venture To Build New Cane Sugar Refinery in Louisiana
Imperial Sugar Company announced the formation and funding of a three-way joint venture with Sugar Growers and Refiners, Inc (SUGAR) and Cargill, Incorporated (Cargill) to construct and operate a new cane sugar refinery in Gramercy, Louisiana adjacent to Imperial`s existing sugar refinery. The venture, Louisiana Sugar Refining, LLC (LSR), which is owned one-third by each member, closed financing agreements aggregating $145 million to provide construction and working capital financing for the project. The existing Gramercy refinery will operate during the construction and start-up phase of the new refinery, expected to be 18 to 24 months. Each member of LSR agreed to contribute $30 million in cash or assets as equity to capitalize the venture. Imperial's contribution, which will occur in three stages, consists of the existing refinery assets with a book value of approximately $22 million, including approximately 207 acres of land. The existing refinery will be operated by Imperial for its own account until December 31, 2010, during which time it is obligated to complete certain improvements currently estimated to cost approximately $6 million. The equipment and personal property in the existing refinery will be contributed to LSR on January 1, 2011. After January 1, 2011, Imperial will continue to operate the small bag packing facility in Gramercy, with refined bulk sugar purchased from LSR under a long term, market-based supply agreement.
Imperial Sugar Company Declares $0.02 Per Share Regular Quarterly Cash Dividend
Imperial Sugar Company announced that on July 31, 2009, its Board of Directors declared a regular quarterly cash dividend of $0.02 per share payable on August 24, 2009, to shareholders of record on August 14, 2009.
Imperial Sugar Company Declares Quarterly Dividend
Imperial Sugar Company announced that the board of directors declared a regular quarterly dividend of $0.02 per share, payable May 29, 2009 to shareholders of record May 20, 2009. The board acted to reduce the dividend for this quarter from the $0.07 regular dividend paid for the past nine quarters, as they believe it a prudent action during the completion of the Port Wentworth refinery reconstruction. The board intends to reexamine the appropriate dividend level each quarter.
Imperial Sugar Company Declares $0.07 Per Share Regular Quarterly Cash Dividend
Imperial Sugar Company announced that its Board of Directors has declared a regular quarterly cash dividend of $0.07 per share payable on February 20, 2009 to shareholders of record on February 10, 2009. This quarterly dividend continues the regular dividend program that has been in effect since January 2005.
