Company continues to build brands and drive product innovation
Company, a global leader in tabletop sweeteners, announced today
that it is now debt free. The extraordinary accomplishment has occurred
over a five-year period – first when the company restructured the
balance sheet in 2009, followed by the rapid retirement of $142 million
of secured debt financing. Merisant maintains a senior secured revolving
credit facility with Bank of America, N.A. and two other commercial
“Merisant’s final debt payment concludes a transformational chapter in
the company’s financial history,” said Paul Block, president and chief
executive officer of Merisant. “I am proud of the extraordinary effort
our team made to restructure the company from more than half a billion
dollars in debt to a clean balance sheet. We look forward to using this
significant achievement as an opportunity to strengthen our portfolio of
brands and increase our global presence.”
In January 2010, Merisant emerged from a balance sheet restructuring by
reducing its debt from $567 million to approximately $142 million and
lowering its annual cash interest expense from approximately $36 million
to $11 million. As of today, Merisant has reduced its debt to zero.
Merisant has worked to improve its balance sheet throughout the
debt-reduction process, while remaining a leader in the competitive
consumer packaged goods industry. In 2009, the company capitalized on a
strategic opportunity by being the first to gain a “no objection” from
the Food and Drug Administration on REBA 97 and subsequently launching a
stevia-based, all-natural sweetener, Pure Via®, to diversify its product
mix, gain market share and meet new consumer demands. Merisant is also
the marketer of Equal® in the U.S. and Canderel® in Europe.
Merisant’s efficient operations, strong cash flow and up to $25 million
of availability under its senior secured revolving credit facility,
leave the company with ample liquidity to run its operations and focus
on new product innovations and global marketing for long-term growth.
Merisant Company is a worldwide leader in the marketing of low-calorie
tabletop sweeteners. In addition to PureVia®, Equal® and Canderel®,
Merisant markets its products under 18 other brands in more than 90
countries. For more information visit www.merisant.com.
Note: Equal and Canderel are registered trademarks of Merisant Company
and Merisant Company 2, Sarl. Pure Via is a trademark of Whole Earth
Sweetener Company LLC, a wholly owned subsidiary of Merisant Company.
Edelman for Merisant
Source: Merisant Company