Frozen snack manufacturer Coolbrands has obtained an extension for its existing credit facility with JPMorgan Chase Bank.
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The number three ice cream maker in the US currently owes approximately US$35.1m in short-term debt to JPMorgan. The maturity date of this facility has been extended 3 May 2006. Coolbrands’ 50.1% owned subsidiary Americana Foods Limited Partnership owes approximately US$18.2m short-term debt to Regions Bank under a credit facility due to expire on 25 April. These liabilities, the company said, will be repaid upon the closing of the new facilities.
Coolbrands has signed binding commitment letters with J.P. Morgan Securities and JPMorgan Chase Bank. The closing of the new facilities remains conditional on syndication, the completion of due diligence, the absence of any material adverse change and other customary conditions.
