Business
EMERGE Announces Refinancing of Term Loan and Upsizing of Credit Facility to $25 Million
EMERGE Announces Refinancing of Term Loan and Upsizing of Credit Facility to $25 Million ...
About this update from Emerge Commerce Ltd
[{"type":"text","content":"\n \n \n \n EMERGE Announces Refinancing of Term Loan and Upsizing of Credit Facility to $25 Million\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 Primary Use of Proceeds Expected to Fund Future Acquisitions\n \n \n \n \n TORONTO\n \n ,\n \n Nov. 8, 2021\n \n /CNW/ -\n \n EMERGE Commerce Ltd\n \n . (TSXV: ECOM) (\"\n \n EMERGE\n \n \" or the \"\n \n Company\n \n \"), a diversified, rapidly growing acquirer and operator of niche e-commerce brands, is pleased to announce the refinancing of its\n \n $8 million\n \n term loan, and upsizing of its credit facility providing for a total facility limit of\n \n $25 million\n \n (the \"Facility\") with primary use of funds expected to be future acquisition financing.\n \n \n \"The upsized facility positions us well to act decisively on the acquisitions front, where we continue to advance a robust pipeline of profitable e-commerce opportunities,\" said\n \n Ghassan Halazon\n \n , Founder and CEO of EMERGE. \"This upsized credit facility provides EMERGE with important financial and operating flexibility at terms that we believe are favorable to the company, while minimizing dilution. The expanded facility is further recognition that we are executing on our strategic initiatives while maintaining a disciplined capital allocation strategy.\"\n \n \n In consideration for refinancing and expanding the Facility, the lender was entitled to certain fees and expenses, including a commitment fee equal to\n \n $312,500\n \n , which was fully paid and satisfied by the issuance of 434,028 common shares of the Company.\n \n \n As of the closing of the Facility,\n \n $8 million\n \n of the\n \n $25 million\n \n has been advanced and remains outstanding. The Facility is primarily expected to be utilized by the Company to fund future M&A in the e-commerce space.\n \n \n \n About EMERGE\n \n \n \n EMERGE is a disciplined, diversified, rapidly growing acquirer and operator of niche e-commerce brands. Our subscription-based and marketplace e-commerce businesses provide our members with access to ...