SWP Prepays Debt Instrument

REGINA- Jul 11/02 - SNS -- The Saskatchewan Wheat Pool will prepay $25 million of an outstanding term loan with its bank group.

In explaining its decision, the company said the prepayment, which is a partial credit against an installment payment due in November 2002, allows the company to reduce its borrowing charges by $2.6 million over the life of the bank facility, which expires in approximately a year and a half.

"We have been aggressively de-leveraging the company over the past year and we saw an opportunity to reduce our borrowing costs further," says Mayo Schmidt, Chief Executive Officer.

"Our actions illustrate this company's commitment to its strategic objectives and its single most important goal, which is to strengthen the balance sheet to ensure a healthy foundation to support future value creation strategies."

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