Baylin Announces Repayment of Term Loan

TORONTO , Dec. 29, 2023 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (" Baylin " or the " Company ") is pleased to announce that it has repaid in full its term loan, which matures on December 29, 2023 . The term loan is part of the Company's credit facilities with Royal Bank of Canada and HSBC Bank of Canada , which also includes a revolving credit facility. The repayment was funded from the proceeds of the Company's recently completed rights offering of $11.8 million and a private placement to its largest shareholder, 2385796 Ontario Inc., for proceeds of $1.7 million (the " Private Placement ").

The Private Placement consists of the issuance of 68,000 10% Cumulative Redeemable Retractable Series A Preferred Shares (the " Series A Preferred Shares ") at a price of $25.00 per Series A Preferred Share (the " Issue Price ") for proceeds of $1.7 million . Subject to certain limitations and applicable law, dividends are payable in cash on a monthly basis at an annual rate of $2.50 per share. At any time on and after January 1, 2025 , the Company at its option may redeem, and the holder may require the Company to redeem, some or all of the Series A Preferred Shares then outstanding in cash at the Issue Price. On December 31, 2028 , the Company is required to redeem all Series A Preferred Shares then outstanding in cash at their Issue Price. The Series A Preferred Shares are non-voting.

Baylin is a leading diversified global technology company. The Company focuses on the research, design, development, manufacture, and sale of passive and active radio-frequency products, satellite communications products, and supporting services.

SOURCE Baylin Technologies Inc.

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