LOS ANGELES, CA–(Marketwired – Dec 16, 2014) – Reed’s, Inc. (NYSE MKT: REED) Reed’s, Inc., maker of the top-selling sodas in natural food stores nationwide, today announced it has completed a refinance of its credit facility. The company’s new credit facility will increase from $4.5 million to $6 million for the credit line collateralized by receivables and inventory; an additional term loan will increase from $0.75 million to $1.5 million and a new $3 million equipment credit facility will be added. The new interest rate will drop to 9% from 13%.
Chris Reed, the founder and CEO of Reed’s Inc. stated, “Reed’s is in the middle of considerable growth and expansion of our facilities that will result in significant efficiencies and profitability. After careful review of many offers from various lenders, we determined that refinancing with our current lender provided the most flexibility in attaining our primary objective of increasing production at the Los Angeles plant.”
More details on the terms of the new credit facility can be found in the company’s 8-K filing with the SEC.
About Reed’s, Inc.
Reed’s, Inc. makes the top-selling natural sodas in the natural foods industry and is sold in over 15,000 natural and mainstream supermarkets nationwide. In addition, Reed’s products are sold through specialty gourmet, natural food stores, retail stores, convenience stores and restaurants nationwide and select international markets. Its six award-winning non-alcoholic Ginger Brews are unique in the beverage industry, being brewed, not manufactured and using fresh ginger, spices and fruits in a brewing process that predates commercial soft drinks. The Company owns the top-selling root beer line in natural foods, the Virgil’s Root Beer product line, and a top-selling cola line in natural foods, the China Cola product line. In 2012, the Company launched Reed’s Culture Club Kombucha line of organic live beverages. Other product lines include: Reed’s Ginger Candies and Reed’s Ginger Ice Creams. The company is celebrating 25 years of hand crafting the best sodas in the world, naturally, in 2014.