Granite City Food & Brewery (GCFB) Completes Equity Financing; Amends Credit Agreement
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Granite City Food & Brewery Ltd. (NASDAQ: GCFB) has completed its previously announced transaction with Concept Development Partners, LLC (“CDP”), its controlling shareholder, pursuant to which CDP invested an additional $6.5 million in exchange for 3,125,000 shares of Granite City’s common stock.
Granite City also entered into an amendment to its credit agreement with Fifth Third Bank (Nasdaq: FITB) that increased its line of credit by $2.0 million, reduced the term loan repayment required upon completion of the CDP transaction to $1.0 million, and extended the date on which the line of credit will convert to a term loan to December 31, 2013.
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Granite City also entered into an amendment to its credit agreement with Fifth Third Bank (Nasdaq: FITB) that increased its line of credit by $2.0 million, reduced the term loan repayment required upon completion of the CDP transaction to $1.0 million, and extended the date on which the line of credit will convert to a term loan to December 31, 2013.
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