The facilities, once closed, will consist of a USD 8 million revolving facility, a USD 25 million non-revolving term facility, and an accordion option for up to an additional USD 15 million acquisition facility on the Term Loan subject to BMP and other typical approvals discussed to support the company's M&A growth strategy.
The Term Loan is intended to be used to refinance approximately USD 4.7 million outstanding on the PopReach’s existing senior secured credit facility, as well as USD 20.3 million of debt that is expected to be assumed by the company upon completion of the proposed business combination transaction with Federated Foundry.
The Acquisition Line will allow PopReach to request, on 60 days written notice, up to an additional USD 15 million on the Term Loan to fund future acquisitions, subject to the BMO's approval.
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