Krispy Kreme Doughnuts announced entered into a $40 million secured credit agreement that is comprised of a $40 million revolving credit facility, which will include a $12.5 million sublimit for the issuance of letters of credit and a sublimit for swing line loans.
According to an 8K filing dated July 15, 2013, the company may request, at any time and from time to time, that the revolving credit facility be increased by an amount not to exceed $50 million. Wells Fargo Bank served as administrative agent.
The new $40 million revolver increases the revolving credit commitments by $15 million and retires in full the $22 million outstanding balance of its existing term loan.
Krispy Kreme is a branded specialty retailer and wholesaler of premium quality sweet treats and complementary products, including its signature Original Glazed doughnut.
To read the entire news release, click here.