Harps ESOP pays off $20m in debt.(employee stock option )(Brief Article)

Arkansas Business | October 13, 2003| | Copyright

Since launching an employee stock option plan in August 2001, Harps Food Stores has paid back $20 million in debt, said Roger Collins, president and CEO of the Springdale-based chain of 46 supermarkets.

Harps borrowed an undisclosed amount from a group of lenders headed by Bank of America to purchase stock from Gerald Harp and other investors. Harps has 15 years to repay the debt. Harp, the former president and CEO, retired at the time of the ESOP offering, and Collins became president of Harps a year earlier

Collins said Harps will put the equivalent of 8.5 ...

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