ICEE-USA Arranges to Borrow $4 Million

ICEE-USA, the Anaheim-based maker of flavored slush drinks, said that it will borrow $4 million from J&J; Snack Foods Corp.

The loan is in exchange for a subordinated five-year note that will convert into 666,667 ICEE common shares valued at $6 each. Also, ICEE will issue the Pennsauken, N.J.-based maker of snack foods warrants to buy an additional 200,000 shares at $6 each.