BIKINI VILLAGE: loan and debentures deals concluded
TROUBLED Canadian beachwear chain Bikini Village announced that it has secured a CAD 0.75m short term bridge loan and has successfully concluded a private placement of secured redeemable debentures for an aggregate principal amount of CAD 1m. The loan bears annual interest of 12 per cent and is repayable in three tranches, the last on 31 January 2015. The debentures, that mature on the same date, also carry interest at 12 per cent, payable on maturity.
It remains to be seen whether the chain can turn itself around during the relatively short period at its disposal and suppliers will continue to be wary.