NetworkNewsBreaks – The Supreme Cannabis Company
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Posted On: 09/22/2020 2:48:08 PM
NetworkNewsBreaks – The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Announces Revision of Three-Year Term Credit Facility
The Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), a global diversified portfolio of distinct cannabis companies, products and brands, announced that it has amended its existing credit facility with its lenders; the original agreement was initially announced on Nov. 14, 2019. The new amended agreement notes that SPRWF has secured a 12-month deferral of its financial covenants related to fixed-charge coverage ratio and leverage to begin in the quarter ending March 31, 2022. The agreement also stipulates that new covenants regarding minimum liquidity and EBITDA will be tested in the interim. SPRWF has also agreed to a 75 basis point increase in the applicable interest rate margin on the credit facility. Finally, the requirement in the original agreement calling for a minimum restricted cash balance has been removed. “This amended facility is in line with our ongoing focus on right-sizing the business to align with our current strategy, and also proactively provides us improved runway to execute on our plan of being a profitable premium Cannabis CPG company,” said Supreme Cannabis president and CEO Beena Goldenberg. “It also demonstrates that our lenders continue to have confidence in the Supreme Cannabis business case.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
The Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), a global diversified portfolio of distinct cannabis companies, products and brands, announced that it has amended its existing credit facility with its lenders; the original agreement was initially announced on Nov. 14, 2019. The new amended agreement notes that SPRWF has secured a 12-month deferral of its financial covenants related to fixed-charge coverage ratio and leverage to begin in the quarter ending March 31, 2022. The agreement also stipulates that new covenants regarding minimum liquidity and EBITDA will be tested in the interim. SPRWF has also agreed to a 75 basis point increase in the applicable interest rate margin on the credit facility. Finally, the requirement in the original agreement calling for a minimum restricted cash balance has been removed. “This amended facility is in line with our ongoing focus on right-sizing the business to align with our current strategy, and also proactively provides us improved runway to execute on our plan of being a profitable premium Cannabis CPG company,” said Supreme Cannabis president and CEO Beena Goldenberg. “It also demonstrates that our lenders continue to have confidence in the Supreme Cannabis business case.”
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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