30 October 2008 - On October 24, 2008, Green Mountain Coffee Roasters, Inc. received consent from the lenders under its existing revolving credit agreement to waive the provision of the credit agreement which prohibits borrowings in excess of $25,000,000 for acquisitions in a fiscal year for the limited purpose of allowing the Company to consummate the acquisition of the Tully's Coffee Corporation coffee brand and assets related to the Tully's wholesale business.
As previously announced, on September 15, 2008, the Company entered into an Asset Purchase Agreement with Tully’s pursuant to which the Company agreed to acquire the Tully’s coffee brand and assets related to the Tully’s wholesale business for a purchase price of $40.3 million, paid in cash.
The Asset Purchase Agreement contains customary representations, warranties and covenants, and is subject to customary closing conditions, including the approval of the Tully’s shareholders.