MarketWatch:
Spicy Pickle Franchising, Inc., fast casual restaurant operator and franchisor of its Spicy Pickle and Bread Garden Urban Cafe brands, announced it has secured a $2,000,000 revolving credit line for operating capital.
The line is in the form of a convertible promissory note and secured loan agreement. Any outstanding indebtedness bears interest at the rate of 10%. The note will mature May 1, 2013 unless extended. The first interest only payment will not be due until September 1, 2010.
The conversion price is set at 10.5 cents, the closing share price on the date the note was signed.
