US: Drinks Americas agrees credit facility
US drinks group Drinks Americas Holdings has announced a US$10m revolving, asset-based credit facility with Business Alliance Capital Corp. (BACC), part of Sovereign Bank.
The credit facility will be used to fuel growth and meet large anticipated production needs, the company said.
Drinks Americas said it expects to complete the deal within the next 30 days. "The credit facility from Sovereign Bank positions Drinks Americas to execute its business plan with the confidence that we will be able to keep pace and grow with the demand for our products," said Drinks Americas CEO Patrick Kenny.
"It is a major milestone for the company that we have this important part of our financial plan and growth strategy underway."
The company added that the launch of its Trump Super Premium Vodka brand had created great excitement and it was anticipating a large number of orders, while it was also expecting significant demand for its Newman's All Natural Sparkling Fruit Juice Drinks, launched last year.
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