Edition:
United Kingdom

SunOpta announces strategic partnership with Oaktree


Friday, 7 Oct 2016 

SunOpta Inc : SunOpta announces strategic partnership with Oaktree . Company appoints three independent directors to Sunopta board . Secures $85 million equity investment . Proceeds from investment have been used to reduce company's 2nd lien debt . Sunopta is conducting a thorough review of company's operations, management and governance . Board of directors has appointed two Oaktree-nominated independent directors, Dean Hollis and Al Bolles, to board . Expects to provide an updated mid-range plan which will include performance improvements and cost savings to be realized in 2017 . Oaktree also has the right to purchase up to 3 million shares of Sunopta common stock in open market for a period of one year . Sunopta inc says company appoints three independent directors to Sunopta board . Secures $85 million equity investment . In reaching the agreement with Oaktree, Sunopta has concluded previously announced review of strategic alternatives for co . Under agreement, Oaktree invested $85 million in Sunopta in form of exchangeable preferred shares . Rothschild Inc is acting as financial advisor to Sunopta and Davies Ward Phillips & Vineberg LLP and Stoel Rives are acting as its legal advisors .Oaktree's ownership is subject to a 19.99% cap under agreement unless and until shareholder approval is obtained to remove cap.