Serruya Private Equity to convert Second Cup loan to equity
SPE Finance LLC, an affiliate of Serruya Private Equity (SPE), has agreed to exchange its secured term loan to Second Cup Ltd (TSX: SCU) for equity. The $8 million loan, provided to the Toronto-based specialty coffee retailer last December, will be converted to common shares for four SPE shareholders. As a result, each of the shareholders will hold about 6.9 percent of Second Cup's outstanding common shares or 7.2 percent if related warrants are exercised. Taken together, SPE shareholders will hold up to 28.89 percent of shares and have the right to nominate two board members with the deal's close next month. SPE is a Canadian family office.
31 July 2017•4 mins read
