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Baylin Technologies Announces Amendments to its Credit Facilities
Baylin Technologies Announces Amendments to its Credit Facilities Canada NewsWi...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n \n \n \n Baylin Technologies Announces Amendments to its Credit Facilities\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Sept. 15, 2022\n \n \n /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"\n \n Company\n \n \") is pleased to announce that it has agreed with its principal lenders, Royal Bank of\n \n Canada\n \n and HSBC Bank Canada, to amend the Credit Agreement dated\n \n March 29, 2019\n \n , as amended (the \"\n \n Credit Agreement\n \n \"), to extend the maturity date of the revolving and term credit facilities from\n \n September 30, 2022\n \n , to\n \n September 29, 2023\n \n . The amendments also include a quarterly minimum EBITDA covenant for the 12-month period ending on the relevant quarter and a revised minimum Liquidity covenant (each as defined in the Credit Agreement).\n \n \n \n \n \n \n \n \n \n The Company is also pleased to announce that its Vietnamese subsidiary, Galtronics Vietnam Dai Dong Company Limited (\"\n \n GTD\n \n \"), has agreed with its lender, HSBC Bank (\n \n Vietnam\n \n ) Ltd., to various amendments to its credit facility agreement, including an extension of the maturity date of the facility from\n \n August 18, 2022\n \n , to\n \n August 18, 2023\n \n . In connection with these amendments, GTD repaid Can$1.3 million of the outstanding principal amount of the facility, which included amounts realized from the previously announced sale of equipment owned by GTD. GTD has agreed to repay the remaining principal amount of the facility of Can$1.1million in four equal quarterly instalments, with the first payment due on\n \n November 18, 2022\n \n .\n \n \n \n Leighton Carroll\n \n , CEO of the Company said, \"I would like to thank our banking partners for their continued willingness to engage with us and support our business. These extensions, which included a material paydown on our HSBC Bank Vietnam loan, allow the Company to continue honouring its commitments while we improve the operations and financial soundness of the business.\"\n \n \n About Bay...