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PopReach Closes US$33M in Credit Facilities with Bank of Montreal
PopReach Closes US$33M in Credit Facilities with Bank of Montreal Canada NewsWi...
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[{"type":"text","content":"\n \n \n \n PopReach Closes US$33M in Credit Facilities with Bank of Montreal\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 /NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES OF AMERICA\n \n /\n \n \n \n \n New Facility consolidates debt under a single lender, reduces the Company's cost of capital, and provides up to an additional\n \n US$15 million\n \n acquisition line to support execution of the Company's M&A strategy\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 12, 2022\n \n \n /CNW/ - PopReach Corporation (\"\n \n PopReach\n \n \" or the \"\n \n Company\n \n \") (TSXV: POPR) (OTCQX: POPRF) today announced that it has closed the senior secured credit facilities previously announced by the Company on\n \n April 18, 2022\n \n (the \"\n \n Facilities\n \n \") with the Bank of\n \n Montreal\n \n (\"\n \n BMO\n \n \" or the \"\n \n Lender\n \n \"). The Facilities consist of a\n \n US$8 million\n \n revolving facility (\"\n \n Revolver\n \n \"), a\n \n US$25 million\n \n non-revolving term facility (\"\n \n Term Loan\n \n \"), and an \"accordion\" option for up to an additional\n \n US$15 million\n \n acquisition facility on the Term Loan subject to Lender and other typical approvals discussed below (\"\n \n Acquisition Line\n \n \") to support the Company's M&A growth strategy. The Term Loan, drawn in its entirety, along with\n \n US$2.3 million\n \n of cash on hand was used to repay the Company's prior senior secured credit facility, as well as all debt assumed by the Company upon completion of the business combination transaction with Federated Foundry as previously announced by the Company on\n \n April 28, 2022\n \n . The Revolver remains undrawn, and the Company has no debt outstanding other than\n \n US$25 million\n \n on the Term Loan.\n \n \n \n \n \n \n \n \n \n \"The closing of these Facilities with the Bank of\n \n Montreal\n \n as our long-term lending partner comes at an ideal time as we look to execute against our broadened M&a...