A year of belt-tightening efforts helped Farmland Industries Inc. secure a new five-year financing package, officials said Friday.

The Kansas City, Mo.-based cooperative announced a $350 million revolving loan and a $150 million term loan offered by a syndicate of banks led by Deutsche Banc Alex. Brown.

The package replaces a 364-day credit facility, something credit-rating agencies had frowned upon because of its short-term commitment.

“Our future is bright,” said Bob Honse, the co-op’s president and CEO. “I believe this bank agreement illustrates the stability our lenders see in Farmland Industries.”

The new loan also allowed Farmland to pay off its lease of a Coffeyville fertilizer plant, said John Berardi, the co-op’s chief financial officer.

In 2001, the co-op reduced debt $268 million and cut corporate expenses by more than 50 percent.