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Article: Crystal Brands reaches bank deal; reports small loss in 3d quarter. (Brief Article)
- Article from:
- Daily News Record
- Article date:
- November 18, 1992
CopyrightCOPYRIGHT 1992 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SOUTHPORT, Conn. (FNS) -- Crystal Brands, Inc., has reached an agreement with its bank and insurance company lenders for financing until Dec. 31, 1995. At the same time, the company reported a modest loss in the third quarter ended Oct. 3 as sales continue to be soft.
The new credit agreement provides for a $100 million revolving loan, a $40 million letter of credit facility, and a $279.1 million term loan. It calls for principal payments of $56.3 million on Dec. 31, 1992, and $93.8 million on Jan. 3, 1995.
Borrowings under the new agreement are secured by substantially all of the assets of the company, Crystal Brands said.
A company spokeswoman ...