Business
Martello Repays Vistara Debt in Full and Extends Wesley Clover International Debt Facility to 2026
Martello Repays Vistara Debt in Full and Extends Wesley Clover International Debt Facility to 202...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n \n \n \n Martello Repays Vistara Debt in Full and Extends Wesley Clover International Debt Facility to 2026\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Chairman\n \n Terence Matthews\n \n demonstrates continued confidence in the Company by providing\n \n USD$3M\n \n in debt financing to repay the Vistara debt.\n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n ./\n \n \n \n \n OTTAWA, ON\n \n \n ,\n \n \n Aug. 9, 2023\n \n \n /CNW/ -\n \n Martello Technologies Group Inc.\n \n , (\"Martello\" or the \"Company\") (TSXV: MTLO), a provider of software that optimizes the Microsoft Modern Workplace, announced today the repayment of outstanding sums of approximately\n \n USD$3M\n \n due to Vistara Technology Growth Fund III Limited Partnership (\"Vistara\" or the \"Lender\") pursuant to a credit agreement entered into on\n \n April 27, 2020\n \n for a term credit facility to fund the purchase of GSX (the \"Vistara Credit Agreement\" and the \"Vistara Term Loan\").\n \n \n \n \n \n \n \n \n \n Wesley Clover International Corporation (\"WCI\"), the investment firm controlled by Martello Chairman\n \n Terence Matthews\n \n has provided an additional\n \n USD$3M\n \n in credit to facilitate the repayment of the Vistara Term Loan. The amended and restated WCl loan agreement is pursuant to an agreement for a subordinate loan provided by WCI on\n \n August 23, 2022\n \n (the \"WCI Subordinate Loan\") and amended on\n \n August 8, 2023\n \n (the \"WCI Loan Amendment\"). The aggregate principal owed to WCI (the \"WCI Loan\") is now\n \n USD$5.3M\n \n . As part of the WCI Loan Amendment, WCI has agreed to extend the WCI Loan under current terms to\n \n August 28, 2026\n \n .\n \n \n \n \n Vistara Term Loan Repayment\n \n \n \n \n On\n \n April 27, 2020\n \n , Martello Technologies Corporation (the \"Corporation\") agreed to the Vis...