$CPAI 12/06/2016 -- On December 1, 2016, Champion
Post# of 24979
Posted On: 12/06/2016 9:44:24 AM
$CPAI 12/06/2016 -- On December 1, 2016, Champion Pain Care Corporation (OTCQB:CPAI) closed a Senior Secured Credit Facility (the "Credit Facility"
with TCA Global Credit Master Fund, LP ("TCA" for a maximum $13 million senior secured line of credit, of which the initial line of credit is $6,500,000 is made available to the Company to fund acquisitions of pain management clinics and provide working capital.
The terms of the Credit Facility are summarized in the Form 8-K and the accompanying exhibits filed by the Company on EDGAR on December 5, 2016.
On the date of closing, $3,103,775 of the Credit Facility was advanced to close the acquisition of the assets of two pain management clinics in St. Augustine and Palatka, Florida, and to provide working capital. The Company intends to use the remaining amount, after fees, to fund additional acquisitions and provide more working capital. The Company, at the sole discretion of TCA, may request an increase in the line of credit at agreed upon time periods and agreed upon amounts. The sum of the Initial Line of Credit and the subsequent line increases, if any, (the "Then Current Line Size" shall not exceed the maximum line of credit. Each subsequent line increase will require the Company to execute and deliver a new or revised revolving note to the Investor and be responsible for any fees and expenses associated with the line increase.
with TCA Global Credit Master Fund, LP ("TCA" for a maximum $13 million senior secured line of credit, of which the initial line of credit is $6,500,000 is made available to the Company to fund acquisitions of pain management clinics and provide working capital. The terms of the Credit Facility are summarized in the Form 8-K and the accompanying exhibits filed by the Company on EDGAR on December 5, 2016.
On the date of closing, $3,103,775 of the Credit Facility was advanced to close the acquisition of the assets of two pain management clinics in St. Augustine and Palatka, Florida, and to provide working capital. The Company intends to use the remaining amount, after fees, to fund additional acquisitions and provide more working capital. The Company, at the sole discretion of TCA, may request an increase in the line of credit at agreed upon time periods and agreed upon amounts. The sum of the Initial Line of Credit and the subsequent line increases, if any, (the "Then Current Line Size"
shall not exceed the maximum line of credit. Each subsequent line increase will require the Company to execute and deliver a new or revised revolving note to the Investor and be responsible for any fees and expenses associated with the line increase.
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