Boston Restaurant Associates has entered into a new line of credit with Commerce Bank and Trust Company, to the amount of US$3.5m.
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This will replace the current line, currently standing at approximately US$1m, and provide approximately US$2.5m of additional capital, which the company says it will use to fund unit expansion.
CEO George R. Chapdelaine said: “We are gratified by the new financial commitment, especially since the terms are attractive, and do not involve any dilution of equity holders by issuance of stock or warrants.
“Our company is economically sound, profitable and generating a substantial cash flow from operations. The new credit facility combined with our cash flow should provide sufficient capital for expansion of Polcari’s and/or Pizzeria Regina units for the near future.”
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