Newspaper article THE JOURNAL RECORD

ODFA OKs Bonds for Bake-Rite Deal

Newspaper article THE JOURNAL RECORD

ODFA OKs Bonds for Bake-Rite Deal

Article excerpt

Journal Record Staff Reporter

A deal in excess of $12 million, in which the Ampton Investment Group of New York City will acquire the assets of Bake-Rite Inc. in Oklahoma City, includes a $6.5 million tax-exempt bond issue approved Wednesday by the Oklahoma Development Finance Authority.

The development finance authority will be the conduit for the tax-exempt bond issue, but the state will not be obligated for the debt.

Partners in the Ampton group are Lawrence Strenger and Everett Cook. The new owners want to expand Bake-Rite's production of bottled vegetable oil, according to James Tappan Jr., with the Century Investment Group in Oklahoma City, which is handling the buyout transaction.

Ampton will purchase the assets from the primary shareholder, Bank of America, a venture capital group. In addition to the bond debt, the $12 million transaction includes a revolving line of credit from Liberty Bank and Trust Co. of Oklahoma City NA. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.