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High Tide Secures Non-Dilutive Credit Facility with ATB Financial
High Tide Secures Non-Dilutive Credit Facility with ATB Financial PR Newswire ...
About this update from High Tide, Inc.
[{"type":"text","content":"\n \n \n \n High Tide Secures Non-Dilutive Credit Facility with ATB Financial\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 PR Newswire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 18, 2021\n \n /PRNewswire/ - High Tide Inc. (\"\n \n High Tide\n \n \" or the \"\n \n Company\n \n \") (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks and mortar as well as global e-commerce assets, announced today that it has entered into a credit agreement to establish a revolving credit facility with ATB Financial (\"\n \n ATB\n \n \") in an amount of up to\n \n $25 million\n \n (comprised of an initial\n \n $10 million\n \n limit and\n \n $15 million\n \n accordion, the \"\n \n Facility\n \n \"), with an expected interest rate of less than 6% per annum.\n \n \n \n \n \n \n \n \n \n \"We are extremely pleased to finalize this facility today. We know that our shareholders have been looking forward to us securing non-dilutive financing from a leading Canadian bank, and this is also something that we have been working on for some time as we believe that it provides validation of our improved financial profile,\" said Raj Grover, President and Chief Executive Officer of High Tide. \"This is great news for our shareholders as this credit facility provides us with the firepower to continue our business growth and acquisitions of quality businesses, which are synergistic with our overall ecosystem, while limiting the dilution of our existing shareholder base. We also expect the facility amount to increase in the future as our EBITDA increases, allowing us to realize arbitrage opportunities through accretive acquisitions while limiting the dilution necessary to fuel expansion. I remain excited about High Tide's growth prospects for the remainder of 2021 and throughout 2022, and look forward to sharing continued positive developments in our company with our shareholders,\" added Mr. Grover.\n \n \n The Facility, which will become effective by end of business today, will consist of senior secured prime rate loans, U.S. base rate loans, LIB...