Provena Foods Inc. Reports Bond Financing
CHINO, Calif., Feb. 25 /PRNewswire-FirstCall/ -- On December 30, 2003, Provena
Foods Inc. borrowed $6,300,000 by the issuance of variable rate demand bonds
under an indenture supported by a $6,378,750 letter of credit issued by Comerica
Bank - California. Net proceeds of the bonds of about $6,100,000 were used to
retire the Company's industrial development bonds, $4,000,000 of which were
issued in 1998, to pay down the Company's line of credit with Comerica and to
provide working capital. The bonds bear a variable rate of interest payable
monthly by the Company and set weekly at a market rate -- 1.24% per annum at
December 31, 2003. Company principal payments into a sinking fund begin at
$12,916.67 per month with annual increases calculated to amortize the bonds over
20 years.
For more information, please contact Tom Mulroney of Provena Foods Inc.,
+1-909-627-1082. DATASOURCE: Provena Foods Inc.
CONTACT: Tom Mulroney of Provena Foods Inc., +1-909-627-1082
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