Business
PROGRESSIVE PLANET ENGAGES BANK OF MONTREAL TO UNDERWRITE DEBT TO PROCEED WITH ACQUISITION OF ABSORBENT PRODUCTS LTD.
PROGRESSIVE PLANET ENGAGES BANK OF MONTREAL TO UNDERWRITE DEBT TO PROCEED WITH ACQUISITIO...
About this update from Progressive Planet Solutions Inc.
[{"type":"text","content":"\n \n \n \n PROGRESSIVE PLANET ENGAGES BANK OF MONTREAL TO UNDERWRITE DEBT TO PROCEED WITH ACQUISITION OF ABSORBENT PRODUCTS LTD.\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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Vancouver, BC\n \n \n ,\n \n \n Jan. 28, 2022\n \n \n /CNW/ -\n \n \n \n Progressive Planet Solutions Inc\n \n \n .\n \n (TSXV: PLAN) (\"\n \n PLAN\n \n \", \"\n \n Progressive Planet\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that the Company has engaged the Bank of\n \n Montreal\n \n to underwrite the debt component of the consideration to close the acquisition of Absorbent Products Ltd. (\"\n \n Absorbent Products\n \n \" or \"\n \n APL\n \n \").  More information about the Proposed Transaction is included in the\n \n press release dated\n \n December 24, 2021\n \n \n .\n \n \n \n \n \n \n \n \n \n \"Today marks another important milestone for Progressive Planet, having engaged Bank of\n \n Montreal\n \n to underwrite the debt component of the consideration,\" stated\n \n Steve Harpur\n \n , CEO.\n \n \n Progressive Planet has received terms from BMO to provide\n \n $8,683,000\n \n in total new secured debt under 3 separate loan facilities including the following:\n \n \n \n \n $723,000\n \n loan facility at prime plus 1.75% for a period of 6 years;\n \n \n \n $990,000\n \n loan facility at prime plus 1.25% for a period of 5 years; and,\n \n \n \n $6,970,000\n \n loan facility at prime plus 0.75% for a period of 25 years.\n \n \n \n The completion of the underwriting and provision of the debt is subject to, among other things, the following terms and conditions:\n \n \n \n Payment of a non-refundable underwriting fee of\n \n $50,000\n \n . This\n \n $50,000\n \n fee has been paid effective today,\n \n January 28, 2022\n \n ;\n \n \n Completion of personal guarantees by 3 insiders of PLAN for an aggregate of\n \n $3 million\n \n for a period of 3 years; and,\n \n \n Registration of typical security interests associated with corporate lending, including but not limited to general secur...