NetworkNewsBreaks – The Flowr Corporation (TSX.V
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Posted On: 06/18/2019 3:36:38 PM
NetworkNewsBreaks – The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) Receives Loan Commitment for $50M Senior Secured Credit Facilities
Canadian cannabis cultivation firm the Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) on Monday announced its receipt of a loan commitment from an ATB Financial (“ATB”) syndicate of lenders as lead arranger and administrative agent for up to $50,000,000 of committed senior secured credit facilities. According to the update, Flowr will be permitted to use a recapitalization term facility and a revolving operating credit facility for general working capital purposes, as well as a development facility for the development of its Kelowna 1 Facility, Kelowna 2 Facility and Flowr Forest. The ATB Credit Facilities will have a maturity day of three years, provide for an accordion of up to $50,000,000 and, under the terms, Flowr will be subject to certain financial, positive and negative covenants. The applicable margins are based on certain performance-pricing grids, ranging from 250 bps to 325 bps for bank acceptances and letters of credit, 125 bps to 200 bps for prime loans, and certain standby fees.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Canadian cannabis cultivation firm the Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) on Monday announced its receipt of a loan commitment from an ATB Financial (“ATB”) syndicate of lenders as lead arranger and administrative agent for up to $50,000,000 of committed senior secured credit facilities. According to the update, Flowr will be permitted to use a recapitalization term facility and a revolving operating credit facility for general working capital purposes, as well as a development facility for the development of its Kelowna 1 Facility, Kelowna 2 Facility and Flowr Forest. The ATB Credit Facilities will have a maturity day of three years, provide for an accordion of up to $50,000,000 and, under the terms, Flowr will be subject to certain financial, positive and negative covenants. The applicable margins are based on certain performance-pricing grids, ranging from 250 bps to 325 bps for bank acceptances and letters of credit, 125 bps to 200 bps for prime loans, and certain standby fees.
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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