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BIG ROCK BREWERY INC. ANNOUNCES CLOSING OF $4.3MM SECOND LIEN FINANCING & AMENDED SENIOR CREDIT FACILITY AGREEMENT
BIG ROCK BREWERY INC. ANNOUNCES CLOSING OF $4.3MM SECOND LIEN FINANCING & AMENDED SENIOR CRED...
About this update from Big Rock Brewery Inc.
[{"type":"text","content":"\n \n \n \n BIG ROCK BREWERY INC. ANNOUNCES CLOSING OF $4.3MM SECOND LIEN FINANCING & AMENDED SENIOR CREDIT FACILITY AGREEMENT\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 BIG ROCK BREWERY INC. ANNOUNCES CLOSING OF $4.3MM SECOND LIEN FINANCING & AMENDED SENIOR CREDIT FACILITY AGREEMENT\n \n \n Canada NewsWire\n \n \n \n \n \n Highlights:\n \n \n \n \n VN Capital and Big Rock have agreed and closed on terms for a\n \n $4.3 million\n \n second lien financing to provide additional liquidity to the Corporation in the near-term;\n \n \n Big Rock and its senior lender, ATB Financial, have also agreed to amended terms under its existing credit agreement;\n \n \n Major amendments to the credit agreement include a revised covenant package that places Big Rock in compliance therewith, as well as an agreed-upon structure moving forwards; and\n \n \n Big Rock looks forward to continuing its relationship with ATB Financial, and the amended credit agreement will give Big Rock the time it needs to improve its operating results and strengthen its financial health.\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 5, 2022\n \n \n /CNW/ -\n \n Big Rock Brewery Inc.\n \n (TSX: BR) (\"\n \n Big Rock\n \n \" or the \"\n \n Corporation\n \n \"), is pleased to announce that it has closed a\n \n $4.3 million\n \n second lien financing (the\n \n \"Second Lien Financing\"\n \n ) with VN Capital Fund I, LP (\"\n \n VN Capital\"\n \n ) and in connection therewith, has agreed to amended terms under its existing credit agreement with ATB Financial (\"\n \n ATB\n \n \") for both of its\n \n $6 million\n \n revolving operating loan facility and its\n \n $10 million\n \n evergreen term loan facility (collectively the\n \n \"Senior\n \n \n Credit Facilities\n \n \").\n \n \n \n \n \n \n \n \n \n VN Capital, ATB and Big Rock have agreed that the focus for the Corporation will be on ensuring that sufficient working capital remains in the business as it progresses through the remainder of fiscal 2022 and fiscal 2023. The Second Lien Financing will assist in strengthening the Corpo...