Natural Selection has maintained its recall of 34 brands of fresh spinach products. However, the company said late Sunday the manufacturing codes from packages of spinach that had infected patients turned over to health officials all were from non-organic spinach. The company packages both organic and conventionally grown spinach in separate areas at its San Juan Bautista, Calif. plant.
Brooke Corp. said its finance arm, Brooke Credit Corp., has secured an $80 million revolving warehouse line of credit from Fifth Third Bank in Cincinnati.
The Overland Park insurance franchiser said borrowings from the credit line would be used to temporarily fund loans made to insurance agencies and related businesses until those loans were securitized.
Previously, Brooke also announced it sold 20,000 shares of convertible preferred stock, with a stated value of $20 million to an institutional investor at a discount price of $14.6 million.
The preferred shares are convertible to Brooke common stock at a fixed price of $17 a share and would equal about 1.2 million shares of all the stock were converted. The company said it also issued warrants to purchase about 235,000 shares of its common stock for about $24 a share.
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Institutional investor
finance arm
spinach Products
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