Galaxy Foods Scores $15M Credit Facility
ORLANDO--Galaxy Foods Co. (NASDAQ:GXY) entered into an $8.5 million credit facility floating at prime interest rate with SouthTrust Bank (NASDAQ:SOTR), a Birmingham, Ala.-based financial institution. Under terms of the agreement, GXY is refinancing existing equipment debt of $2.5 million at a lower cost of capital and acquiring an additional $6.0 million in new equipment. The new equipment is expected to more than double current production capacities on all product lines. The note has a ten-year term and a five-year amortization with interest due only in the first year.
For more information, contact Wilma Williams at (407) 855-5500.