ML Macadamia Orchards, L.P. Signs Nut Purchase Contract Addendum With Mauna Loa and Executes New Credit Agreement
15 Luglio 2008 - 1:20AM
Business Wire
ML Macadamia Orchards, L.P. (NYSE:NUT) announced today that the
Partnership has signed an addendum to its current nut purchase
contract with Mauna Loa Macadamia Nut Corporation (�Mauna Loa�),
its primary customer. The addendum provides that Mauna Loa will
purchase between 9 million and 12 million additional pounds of
macadamia nut-in-shell (NIS) between July 21, 2008 and June 30,
2009 at a price of sixty cents ($0.60) per pound, adjusted to 20%
moisture and 30% kernel recovery. The Partnership has also signed
an amended credit agreement with American Ag Credit, its primary
lender, increasing its current revolving credit facility from $4.5
million to $6 million. The new credit agreement is for 364 days and
will expire on July 10, 2009. The Partnership also has an existing
Term Loan with American Ag Credit with a balance of $800,000
outstanding as of June 30, 2008. Both the term loan and the
revolving credit facility are collateralized by the Partnership�s
owned real estate under the new credit agreement. The additional
crop that will be purchased by Mauna Loa under the addendum
includes 6 million pounds of production currently under contract to
Hamakua Macadamia Nut Company (�Hamakua�) which Hamakua has refused
to purchase. The Partnership has filed a complaint against Hamakua
and intends to seek damages for the difference between the amounts
which will be received from Mauna Loa and the amount which would
have been due under the Hamakua agreement. The volume of nuts being
sold to Mauna Loa under the original agreement and the addendum
will be between 15.3 and 18.3 million pounds or between 73% and 87%
of the Partnership�s total production. The Partnership also has nut
purchase agreements with Mac Farms of Hawaii and Island Princess
for its remaining production. The Partnership has filed a Form 8-K
with the SEC related to these agreements and has included the new
agreements as Exhibits to the filing. This press release contains
forward-looking statements regarding future events and future
performance of the Partnership that involve risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such statements. These include statements,
among others, regarding the Partnership�s future nut price, which
are based on certain assumptions and forecasts. The Partnership
files documents with the Securities and Exchange Commission, such
as Form 10-K, Form 10-Q and Form 8-K reports, which contain a
description of these and other risks and uncertainties that could
cause actual results to differ from current expectations and the
forward-looking statements contained in this press release. ML
Macadamia Orchards, L.P. is the world�s largest grower of macadamia
nuts, owning or leasing 4,189 acres of orchards on the island of
Hawaii. Mauna Loa, a subsidiary of Hershey Company, is the leading
processor in Hawaii and the world�s leading marketer of macadamia
nuts.
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