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PopReach Enters into Credit Agreement with Bank of Montreal for US$33 Million in Credit Facilities to Refinance Debt and Support Growth
PopReach Enters into Credit Agreement with Bank of Montreal for US$33 Million in Credit F...
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[{"type":"text","content":"\n \n \n \n PopReach Enters into Credit Agreement with Bank of Montreal for US$33 Million in Credit Facilities to Refinance Debt and Support Growth\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 \n \n \n New Facility is expected to consolidate debt under a single lender, reduce cost of capital, and provide 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 /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 \n TORONTO\n \n ,\n \n April 18, 2022\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 entered into a credit agreement for US$33 million in senior secured credit facilities (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, once closed, will 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 is intended to be used to refinance approximately\n \n US$4.7 million\n \n outstanding on the Company's existing senior secured credit facility, as well as\n \n US$20.3 million\n \n of debt that is expected to be assumed by the Company upon completion of the proposed business combination transaction with Federated Foundry.  For additional information on the business combination transaction with Federated Foundry, including assumed debt, please see the Company's management information circular dated February 14, 2022 filed on SEDAR at\n \n \n www.sedar.com\n \n \n as well as the Company's prior press r...