Business
NowVertical Secures Up to $26 Million USD in Financing with HSBC to Fuel Growth
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (TSXV: NOW) (" NowVertical "...
About this update from Nowvertical Group Inc
[{"type":"text","content":"NowVertical Secures Up to $26 Million USD in Financing with HSBC to Fuel GrowthNew facility significantly lowers cost of capital and enhances access to non-dilutive funding\n\n\n\n TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (TSXV: NOW) (\"\n \n NowVertical\n \n \" or the \"\n \n Company\n \n \"), a leading data and AI solutions provider, announced that NowVertical, NowVertical UK Ltd. and NowVertical Group, Inc. and certain of their affiliates have entered into a senior secured facilities agreement (the “\n \n Facilities Agreement\n \n ”) with HSBC UK Bank plc (“\n \n HSBC\n \n ”), as arranger, original lender and agent. Unless otherwise specified, all dollar amounts are expressed in\n \n U.S. dollars\n \n .\n \n\n Pursuant to the Facilities Agreement, NowVertical UK Ltd. and NowVertical Group, Inc., as borrowers, have access to credit facilities of up to\n \n $18 million\n \n (together, the “\n \n Facilities\n \n ”) which may be increased by up to an\n \n additional $8 million\n \n upon the approval of HSBC,\n \n for total credit of up to $26 million\n \n .\n \n\n “\n \n This Financing Agreement is truly transformational for NowVertical\n \n ,” said Sandeep Mendiratta, CEO of NowVertical. “It simplifies our capital structure by consolidating debt previously spread across multiple lenders into a single, long-term facility with significantly improved terms. This provides immediate access to capital to fuel our organic growth under the ‘One Brand, One Business’ strategy, while also positioning us to pursue targeted, strategic acquisitions. Importantly, the Facilities give us the flexibility to renegotiate or fully retire our existing convertible loan, materially reducing our cost of capital and preserving our cash position. Combined with a shift from short-term to long-term debt, this strengthens our balance sheet and allows us to operate with greater agility. HSBC’s support reflects the institutional confidence we’ve unlocked by evolving into a single, integrated business—providing enhanced capital access and a stronger foundation for scalable, strategic growth.”\n \n\n “We are pleased to support NowVertical’s next phase of growth,” said Chris Winter, Senior Corporate Relationship Dir...