Snacktime close to agreeing terms on new banking facility

2nd Apr 2013 13:26

AIM-listed British vending operator Snacktime has reported that it has received a new banking facility offer which includes revised covenants and said it is very close to agreeing its terms. The company further reported that was also finalising the issue of loan notes to raise £1.0m. The news follows an announcement made by the company in February, when SnackTime announced that it was in discussions with its bank regarding extending the term of its loan and to revise its banking covenants which it expected to conclude before the end of March 2013. At this time it also announced that it was in discussions with some of its larger shareholders regarding the proposed issue of £800,000 of five-year convertible loan notes to provide funds for the company. SnackTime's share price was up 6.25% to 8.50p at 12:10 on Tuesday.MF