Vaughan secures new credit agreement
Jan 1, 2008 12:00 PM
Vaughan Foods Inc, a Moore OK-based producer and distributor of fresh-cut vegetables and fruit products, and a broad line of refrigerated prepared salads, sauces, soups, stews, and side dishes, announced the execution of a new $5.0 million revolving credit agreement with International Bank of Commerce (IBC).
The new credit agreement, completed Dec 31, 2007, expires March 31, 2010, and is secured by accounts receivable, inventory, and general intangibles. Amounts borrowed, if any, will bear interest at a floating rate ranging from 0.375% to 1.0% below the JPMorgan Chase prime rate.
This agreement will improve the company's flexibility to pursue growth opportunities.
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