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Baylin Technologies Announces Closing of C$48 Million Senior Debt Financing
Baylin Technologies Announces Closing of C$48 Million Senior Debt Financing Canada...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n\n\n\nBaylin Technologies Announces Closing of C$48 Million Senior Debt Financing\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\nCanada NewsWire\nTORONTO, April 1, 2019\n\n\n\nTORONTO, April 1, 2019 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"Company\" or \"Baylin\"), today announced that it has entered into a loan agreement with Royal Bank of Canada (\"RBC\") and HSBC Bank Canada (\"HSBC\") for a US$21 million term loan and C$20 million revolving loan.  A portion of the loan proceeds was used to prepay a C$33 million term loan from Crown Capital Partner Funding, LP (\"Crown Capital\"), which the Company used for the acquisition of the assets of the radio frequency, terrestrial microwave and antenna equipment divisions of Advantech Wireless Inc. (\"Advantech Acquisition\") in January 2018.\n\n \n \n\n \nThe Company's annual interest expense is expected to decrease initially by approximately C$1.3 million followed by additional annual decreases as the Company makes scheduled principal repayments of the new term loan.\nThe Company's financial statements for the first quarter of 2019 will be impacted by the prepayment fee relating to the early repayment of the Crown Capital loan and expensing of the previously capitalized deferred financing costs associated with the Crown Capital loan. \n\"It was opportune to have Crown Capital provide financing for the Advantech Acquisition.  The Crown Capital team had a clear understanding of Baylin's strategy, completed their credit process in a short period of time and were supportive partners of the Company throughout the acquisition process and subsequent to closing.\" stated Michael Wolfe, Baylin's Chief Financial Officer.\nMr. Wolfe added \"We are very pleased to have RBC join HSBC as a financial partner of the Company.  HSBC has provided exceptional service and support to Baylin's worldwide operations since December 2015.  Having two financial institutions as lenders to the Company positions us well to support our future organic and inorganic growth.\"    \nABOUT BAYLIN\nBaylin Technol...