Universal Corp. will use revolver and cash for Shank’s Extracts buy

Chicago, Sept. 7 – Universal Corp. plans to draw on its revolving credit facility and use cash for its purchase of Shank’s Extracts, Inc., according to an 8-K filing with the Securities and Exchange Commission.

Universal is buying all of the capital stock of Shank’s and Rolling Rock Transit Co. for $100 million. The company is also buying property related to Shank’s business for around $13.33 million.

At closing, Shank’s will become a wholly owned direct or indirect subsidiary of the company.

The sale is expected to be completed by the end of the year.

Universal is a Richmond, Va.-based tobacco leaf supplier.

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