LOS ANGELES — Unified Grocers here said yesterday it has closed a transaction to borrow an additional $25 million from John Hancock Life Insurance Co., Boston.
The funds will be used to pay down Unified's line of credit and maintain its balance sheet, Al Plamann, president and chief executive officer, said.
“At the same time we feel it is also critically important to garner as much liquidity as possible, particularly in these difficult economic times. These additional funds will provide us with more flexibility to take advantage of opportunities and have resources available to help our member retailers grow.”
The new debt, consisting of 10-year fixed- rate senior secured notes at 6.82%, are part of a note purchase agreement covering Unified's existing $86 million in senior secured fixed-rate notes with John Hancock, which mature in 2016
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