Business
McCoy Global Secures New Credit Facility and Refinances Promissory Note
McCoy Global Secures New Credit Facility and Refinances Promissory Note Canada ...
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[{"type":"text","content":"\n \n \n \n McCoy Global Secures New Credit Facility and Refinances Promissory Note\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 EDMONTON, AB, Nov. 4, 2020\n \n \n \n \n \n EDMONTON, AB\n \n ,\n \n Nov. 4, 2020\n \n /CNW/ - McCoy Global Inc. (\"McCoy\", \"McCoy Global\" or \"the Corporation\") (TSX: MCB) today announced it has secured a new\n \n US$2.5 million\n \n revolving demand facility with a Canadian chartered bank to support working capital. The facility is subject to customary disbursement conditions including the satisfactory placement of a general security agreement over the Corporation's assets and final review by Export Development Canada under its Export Guarantee Program. The Corporation has also successfully refinanced its existing\n \n US$2.4 million\n \n promissory note with a\n \n US$3.4 million\n \n term facility to extend maturity and support McCoy Global's 2020 technology development program.\n \n \n \n \n \n \n \n \n \n \"Securing these facilities has lowered our overall financing costs, extended maturity dates and enables us to continue to progress the development of new digital technology solutions despite the impact COVID-19 has had on our business and cashflows,\" said\n \n Jim Rakievich\n \n , McCoy Global President & CEO.\n \n \n The\n \n US$2.5 million\n \n revolving demand facility bears interest at Prime Rate plus 1.35% per annum and will be secured by a general security agreement and assignment of\n \n US$0.63 million\n \n of term deposits. Subject to final review, the demand facility will be guaranteed by Export Development Canada under its Export Guarantee Program and is subject to customary conditions.\n \n \n The Corporation's\n \n US$3.4 million\n \n term facility bears interest at US Prime Rate plus 4.95% per annum and is repayable in eight equal quarterly instalments beginning on\n \n December 6, 2022\n \n . The facility is subject to customary conditions and is secured by certain assets of the Corporation and its subsidiaries, including certain real estate in\n \n Cedar Park, Texas\n \n . ...