At Second Cup, we know that in order to provide the best coffee for our Guests, we must continue to work in harmony with both the environment and people who provide us with the best quality coffee beans. To both our Guests and coffee producers, we pledge that our coffee growing environment is treated with the utmost respect and dignity. All of our coffee producers provide a safe and healthy work environment and employees are compensated in a fair and equitable manner. As well, Second Cup continues to provide financial remuneration for quality beans to directly benefit the farmers, workers and mills. This is our promise.
The Second Cup Ltd. Announces $5 Million Reduction of Long Term Debt and Improved Capital Structure
Dec 15, 2015
9:21am
MISSISSAUGA, ON, Dec. 15, 2015 /CNW/ - The Second Cup Ltd. (TSX: SCU) announced today that it has repaid $5 million of term debt.
Highlights:
- 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 investor@secondcup.com.