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Loan Extensions Take a Bite out of TastyKake’s Independence

by thiryj

CoStar Reports:  Tasty Baking Co. reached agreement for new public and private debt financing comprised of $2 million from the PIDC Local Development Corp., $1 million from the Department of Community and Economic Development of Pennsylvania and $3.5 million from a group of accredited investors.

In addition, the Philadelphia-based company entered into an amendment to its credit agreement with its bank group led by Citizens Bank pursuant to which the bank group agreed to defer until June 30, 2011, all principal payments and credit facility reductions.

This deal requires the company to pursue the sale or merger of the company by June 30, 2011.

via Loan Extension Could Cost Tasty Baking its Independence – CoStar Group.