Lifeway Foods and its subsidiaries, Fresh Made, The Lifeway Kefir Shop and Lifeway Wisconsin, closed a $10 million revolving credit facility with CIBC Bank USA, formerly known as The Private Bank.

According to a related 8-K filing, the credit facility provides for a revolving line of credit of up to a maximum of $10 million with an incremental facility not to exceed $5 million. The proceeds of the loans will be used to pay off Lifeway’s existing debt with CIBC under the loan and security agreement, revolving note and term note entered into on February 6, 2009 and for general working capital purposes.

Upon closing, Lifeway retired all the then-outstanding term loans under the prior CIBC loan agreement.

The commitment under the revolving credit facility expires three years after the closing date. The loans and all other amounts due and owing under the revolving credit facility and related documents are secured by substantially all of the company’s assets.