PopReach Closes US$33M in Credit Facilities with Bank of Montreal – QNT Press Release


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New Facility consolidates debt under a single lender, reduces the Company’s cost of capital, and provides up to an additional US$15 million acquisition line to support execution of the Company’s M&A strategy

TORONTO, May 12, 2022 /CNW/ – PopReach Corporation (“PopReach” or the “Company“) (TSXV:POPR) (OTCQX:POPRF) today announced that it has closed the senior secured credit facilities previously announced by the Company on April 18, 2022 (the “Facilities“) with the Bank of Montreal (“BMO” or the “Lender“). The Facilities consist of a US$8 million revolving facility (“Revolver“), a US$25 million non-revolving term facility (“Term Loan“), and an “accordion” option for up to an additional US$15 million acquisition facility on the Term Loan subject to Lender and other typical approvals discussed below (“Acquisition Line“) to support the Company’s M&A growth strategy. The Term Loan, drawn in its entirety, along with US$2.3 million of cash on hand was used to repay the Company’s prior senior secured credit facility, as well as all debt assumed by the Company upon completion of the business combination transaction with Federated Foundry as previously announced by the Company on April 28, 2022. The Revolver remains undrawn, and the Company has no debt outstanding other than US$25 million on the Term Loan.

Full story available on Benzinga.com



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