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PopReach Signs Binding Agreement for US$7.5 Million Debt Refinancing Facility With a Leading Canadian Schedule I Bank
PopReach Signs Binding Agreement for US$7.5 Million Debt Refinancing Facility With a Lead...
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[{"type":"text","content":"PopReach-agreement\n \n \n \n PopReach Signs Binding Agreement for US$7.5 Million Debt Refinancing Facility With a Leading Canadian Schedule I Bank\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 TORONTO, Sept. 21, 2020\n \n \n \n \n \n Expected to reduce interest costs, improve cash flow and provide financial flexibility to support execution of the growth strategy\n \n \n \n \n TORONTO\n \n ,\n \n Sept. 21, 2020\n \n /CNW/ - (TSXV: POPR) – PopReach Corporation (\"\n \n PopReach\n \n \" or the \"\n \n Company\n \n \"), a free-to-play mobile game publisher focused on acquiring and optimizing proven game franchises, today announced that its wholly-owned subsidiary, PopReach Incorporated, has signed a binding agreement for a\n \n US$7\n \n .5 million senior secured credit facility (the \"\n \n New Facility\n \n \") with a leading Canadian Schedule I Bank (the \"\n \n Lender\n \n \").\n \n \n The New Facility, secured through the Lender's Technology and Innovation Banking group, is intended to refinance PopReach's previous credit facility, of which\n \n US$6.6 million\n \n is currently outstanding, and also provides PopReach with a\n \n US$1\n \n .0 million revolving term credit facility.\n \n \n The New Facility, once closed, will have a 24 month term, with the\n \n US$6.5 million\n \n term portion bearing interest at the Lender's U.S. Base Lending Rate plus 3.50% per annum, and the\n \n US$1\n \n .0 million revolving portion (which is available in US dollars or Canadian dollars) bearing interest at the Lender's U.S. Base Lending Rate or Prime Lending Rate, as applicable, plus 2.00% per annum.  The\n \n US$6.5 million\n \n term portion will feature an initial three month interest only payment period, followed by up to 21 equal monthly instalments of principal (each payment calculated as 1/57\n \n th\n \n of the advance) plus interest, as applicable, with the final payment of the remaining principal and interest then outstanding due 24 months from the initial drawdo...