Kansas City-based Interstate Bakeries Corporation (IBC) has completed the purchase of 7,348,154 shares of its common stock from a subsidiary of Swiss behemoth Nestlé SA.
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Following the purchase, there are approximately 43.6 million shares of the company’s common stock outstanding, and Nestlé continues to own 7.5 million shares of IBC’s common stock.
The company has also amended its credit agreement to add a new US$100m term loan facility and to amend certain covenants to allow the purchase of its common stock from Nestlé. In addition to this new term loan facility, IBC borrowed around US$58,000,000 under its revolving credit facility to finance the share purchase.
