Flowers Foods, Inc. today announced it amended and restated its existing credit facility. The new credit agreement is a five-year,$500 millionsenior unsecured revolving loan facility with two, one-year extension options. Under the new credit facility, Flowers may request to increase its borrowings up to an aggregate of$700 millionupon the satisfaction of certain conditions.

Borrowing availability under the new credit facility may be used for working capital and general corporate purposes, including capital expenditures, acquisition financing, refinancing of indebtedness, dividends, and share repurchases. The new facility replaces the company's$250 millioncredit facility that would have expired inOctober 2012.

"The new revolving credit facility substantially improves our capital structure, providing a solid debt capital base and source of liquidity as we continue to execute our new five-year growth plan," saidSteve Kinsey, executive vice president and chief financial officer. "By 2016, our goal is for at least 75% of the nation to have access to our Nature's Own and other fresh baked foods brands. This new credit facility enables us to take advantage of an assortment of growth opportunities as we work to achieve our goal."

Concurrent with entering into the new credit facility, the company amended its term loan agreement, originally entered onAugust 1, 2008, to conform to the terms of the new amended and restated credit facility.