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Aegis Brands Inc. secures $28 million Development Line of Credit from CWB
Aegis Brands Inc. secures $28 million Development Line of Credit from CWB Canad...
About this update from Aegis Brands Inc
[{"type":"text","content":"\n \n \n \n Aegis Brands Inc. secures $28 million Development Line of Credit from CWB\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n The line of credit will support Aegis' expansion in the food and beverage industry.\n \n \n \n \n TORONTO\n \n ,\n \n Dec. 7, 2021\n \n /CNW/ - Today, Aegis Brands Inc. (TSX: AEG) ('Aegis') finalized a new development line of credit (DLOC) from CWB Franchise Finance, a CWB Financial Group partner company ('CWB'), for\n \n $28 million\n \n CAD. The DLOC will be used to continue Aegis' growth in\n \n Canada's\n \n food service industry through acquisition. The DLOC is available for 36 months and is subject to a variable interest rate of prime plus 2.75%.\n \n \n The DLOC from CWB, in addition to an existing and unused\n \n $2 million\n \n line of credit, presents Aegis with the resources it needs to invest in food service companies across the country and expand its presence in the food and beverage industry. Aegis intends to use these funds for new acquisitions and growth of existing and acquired brands.  Aegis may finance acquisitions through a combination of an equity raise, CWB debt and issuing Aegis stock to the vendors of any brand joining the Aegis roster. \"It is important to the future of the acquired brand, and shareholders of Aegis, that entrepreneurs stay involved and can participate in the growth of Aegis post-closing. Alignment is prerequisite for any deal we will look at\" said\n \n Steven Pelton\n \n , President and CEO of Aegis Brands Inc.\n \n \n \"We're happy to receive this line of credit from CWB, one of\n \n Canada's\n \n leading lenders in the restaurant and hospitality space,\" continued Pelton, \"Not only does this line of credit give us the ability to acquire great brands in the F&B space, but it is also an acknowledgement of Aegis's strategy of assembling great brands, and great leaders and allowing them to grow with our support. Additionally, Aegis will be able to capitalize on the exceptional track record and experience the boar...