US: Vita secures loan amendment
By just-food.com | 9 April 2008
Vita Food Products has extended the termination date and various loan terms of its pre-existing loan with LaSalle Bank National Association.
The loan will now expire in 2010 and the amount of the loan will increase by US$500,000 to $10m.
The new agreement combines the two previously existing term loans A and B into a single term note A of $5.42m, which includes additional principal of approximately $1.32m, the company said yesterday (8 April).
The $1m amount of term loan C is not affected by the new amendment.
Interest on the revolving loan is at the prime rate, term loan A and the new capital expenditure line of credit bear interest at prime plus 0.5%, and term loan C will bear interest at prime plus 1%, the company said.