By Lisa Kerner
Charlotte, N.C., Nov. 12 - Unified Grocers, Inc. closed a transaction with John Hancock Life Insurance Co. and borrowed an additional $25 million from the company to reduce borrowings under its line of credit.
According to Unified Grocers, the new debt includes 10-year fixed-rate senior secured notes at 6.82%.
The new notes are part of a note purchase agreement with John Hancock covering Unified Grocers' existing $86 million in senior secured fixed-rate notes due 2016.
"These additional funds will provide us with more flexibility to take advantage of opportunities and have resources available to help our member retailers grow," Unified Grocers president and chief executive officer Al Plamann said in a company news release.
As reported on Monday, Unified Grocers entered into a third amendment to its amended and restated note purchase agreement with John Hancock making the tranche C note purchasers of Unified Grocers' 6.82% senior secured notes due Nov. 1, 2019 in the amount of $25 million parties to the note purchase agreement and the collateral agency agreement.
Unified Grocers is a retailer-owned wholesale grocery distributor based in Los Angeles.
| Issuer: | Unified Grocers, Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $25 million
|
| Maturity: | 2019
|
| Coupon: | 6.82%
|
| Price: | Par
|
| Investor: | John Hancock Life Insurance Co.
|
| Distribution: | Private placement
|
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