9
PHILADELPHIA - The Term of the $7 million line of
signing of a short term credit to Eastern is for
financing agreement bet- approximately one year
ween Eastern Milk commencing immediately
Producers Cooperative and and continuing until April 1
First Pennsylvania Bank 1981
f , completed m Chase' Manhattan Bank
Philadelphia, last Friday has agreed to be a 25 percent
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Eastern Co-op signs note for $7 million credit
DOW CORNING
SILICONE SEALANT
or $1,750,000 participant in
First Pennsylvania’s loan
Participation by Chase is on
the same basic terms and
conditions as the lead lender.
After the initial term of the
loan, it will continue
thereafter, indefinitely,
unless terminated by either
First Pennsylvania or
Eastern by 90 days prior
notice Also, the bank said it
will consider greater
amounts of the loan upon
request by the Cooperative
Arden Tewksbury,
Eastern’s President, said
“Interest rates on the loan
are in line with conventional
low risk financing with no
float factor ” The actual rate
was not revealed
All of Eastern’s accounts
receivable, inventories and
contract rights for goods
sold will serve as collateral
for the multi-million dollar
short term financing No
real estate, equipment or
fixed assets are included in
the agreement
Tewksbury remarked,
“Signing this agreement
fulfills a desire to return to
normal financing, a goal
Eastern has had for the past
three years ”
Eastern has been financed
- SHEETING
Signing agreement are, front left, Frank Groves, Vice President First Penn
sylvania Bank; Arden Tewksbury, President, Eastern Milk Producers. Standing
left is Stanley Korona, Eastern’s Treasurer; and Franklin G. Wagner Sr.,
Eastern’s Secretary. *
by the Walter Heller Com
pany Eastern termed the
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CURTAINS
POLYETHYLENE
Lancaster Farming, Saturday, April 5,1980—Cl 7
relationship “a most com- eluded the following Eastern
patible arrangements. Officers- Tewksbury
However, the decision to Stanley Korona, treasurer
switch its short term and Franklin G Wagner’
financing requirements to secretary. Frank Groves’
First Pennsylvania was Vice President of First
made in an effort to reduce Pennsylvania, represented
interest payments the Bank and Frederick
Principles involved at the Micale, the Cooperative’s
signing ceremony in First legal counsel, represented
Pennsylvania’s offices in- Eastern
Chester Co.
offers microwave
cooking course
WEST CHESTER The A variety of microwave
Chester County extension ovens will be used The in
service will conduct a structor will be Jacquelyn
microwave cooking course Clark. There will be a small
on Wednesdays, April 16, 23 fee for the course and
and 30 from 10:00 a m until registration will be due by
12 noon. Tuesday, Aprils. For further
The classes will be held at information call the Chester
the Parkesburg Firehouse County Extension Service,
Community Building, First 215/696-3500.
Avenue, Parkesburg
y~
, i *