Eat Well Group Announces Refinancing Transaction led by Business Development Bank of Canada (BDC)

VANCOUVER, British Columbia–(Business enterprise WIRE)– 


NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE Products and services

Eat Effectively Expense Team Inc. (the “Company” or “Eat Well” or “EWG”) (CN:EWG) (US:EWGFF) (FRA:6BC0), a primary plant-dependent foods ingredient and CPG business, is pleased to announce it has signed non-binding term sheets with the Company Development Lender of Canada (“BDC”) and a non-public lender (the “Personal Loan company”) to refinance the Company’s current revolving credit amenities of up to $40,000,000 with its senior financial institution (the “Exiting Credit rating Services”) (collectively, the “Refinancing Transaction”). The Refinancing Transaction will appreciably cut down the Company’s curiosity payments even though amortizing repayment by up to 20 several years.

The next is a summary of the substance phrases of the Refinancing Transaction:

  • BDC will present a secured mortgage of $22,500,000 at a fixed amount of 5.65% per annum, payable monthly and amortizing more than a 20-year period, which will be used to repay a portion of the Existing Credit rating Facilities
  • BDC will present a secured personal loan of $2,000,000 at a fixed price of 8.8% per annum, payable month to month and amortizing around a 7-yr period of time, which will be utilized to repay a portion of the Present Credit history Facilities
  • The Non-public Financial institution will convert $8,000,000 of the Present Credit score Amenities into a secured convertible financial loan (the “Convertible Loan”), convertible into frequent shares of the Organization (“Common Shares”) at a rate to be founded in the context of the industry price of the Common Shares on the day the Convertible Mortgage is issued, and accruing desire at a price of 15% for every annum, payable every month, and repayable
Read More