NetworkNewsBreaks – Zenergy Brands, Inc. (ZNGY)
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Posted On: 01/15/2019 3:43:01 PM
NetworkNewsBreaks – Zenergy Brands, Inc. (ZNGY) Receives $1.6M in the First Tranche of $10M Debenture Facility
Zenergy Brands (OTC: ZNGY) this morning announced the close of a $10 million debenture facility with TCA Global Credit Master Fund, LP (“TCA”), a fund specializing in senior, secured lending and advisory services. The company has completed several months of due diligence following the execution of the initial Term Sheet on August 29, 2018, and reports the closing of this transaction, effective December 26, 2018. Per the update, TCA has provided Zenergy with the initial tranche of $1.6 million and will fund additional tranches up to $10 million as the company secures new revenue-generating contracts. Zenergy anticipates several new contracts during the first half of 2019 and plans to use the debenture facility to achieve its duties under these Managed Energy Services Agreements. Per the terms of the transaction, ZNGY will make interest-only payments for the first six months and more significant balloon-style payments for the last six months. The respective payments are due in monthly installments beginning on January 26, 2019 and ending on June 26, 2021. “This is a monumental step in our lifecycle – we’ve got a truly innovative market-relevant offering in the Zero Cost Program. We believe that this debenture facility can allow us to grow the program effectively throughout 2019. I definitely view this event as the closing of one chapter and the opening of a new one for Zenergy,” Zenergy CEO Alex Rodriguez stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Zenergy Brands (OTC: ZNGY) this morning announced the close of a $10 million debenture facility with TCA Global Credit Master Fund, LP (“TCA”), a fund specializing in senior, secured lending and advisory services. The company has completed several months of due diligence following the execution of the initial Term Sheet on August 29, 2018, and reports the closing of this transaction, effective December 26, 2018. Per the update, TCA has provided Zenergy with the initial tranche of $1.6 million and will fund additional tranches up to $10 million as the company secures new revenue-generating contracts. Zenergy anticipates several new contracts during the first half of 2019 and plans to use the debenture facility to achieve its duties under these Managed Energy Services Agreements. Per the terms of the transaction, ZNGY will make interest-only payments for the first six months and more significant balloon-style payments for the last six months. The respective payments are due in monthly installments beginning on January 26, 2019 and ending on June 26, 2021. “This is a monumental step in our lifecycle – we’ve got a truly innovative market-relevant offering in the Zero Cost Program. We believe that this debenture facility can allow us to grow the program effectively throughout 2019. I definitely view this event as the closing of one chapter and the opening of a new one for Zenergy,” Zenergy CEO Alex Rodriguez stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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