MISSISSAUGA, ON, Dec. 15, 2015 /CNW/ - The Second Cup Ltd. (TSX: SCU) announced today that it has repaid $5 million of term debt.
- The payment reduces term debt to $6 million from $11 million
- Over $200,000 annual reduction of net interest expense
"Second Cup Ltd. used strong cash balances to repay $5 million of term debt," said Ms. Barbara Mallon, Vice President of Finance and CFO. "We are pleased with the progress we are gaining in refranchising cafés to high caliber franchisees, ultimately returning the company to an asset light model. Our new capital structure gives us tremendous liquidity and flexibility to support our ongoing transformation and strategic plan."
About Second Cup Coffee Co.™
Founded in 1975, The Second Cup Ltd. is a Canadian specialty coffee retailer operating over 325 franchised and company owned cafes. The company's vision is to be the coffee brand most passionately committed to quality and innovation. For more information, please visit www.secondcup.com or find the company on Facebook and Twitter.
SOURCE The Second Cup Ltd.
For further information: Barbara Mallon, Chief Financial Officer, (905) 362-1824 or [email protected]