good natured® Announces the Closing of its Previously Announced Senior Credit Facility
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VANCOUVER, BC, Oct. 28, 2021 /CNW/ - good natured Products Inc. (the "Company" or "good natured®") (TSX-V: GDNP) today announced that it has closed its previously announced $35.8 million senior credit facility with National Bank of Canada ("National Bank").
The secured senior credit facility consists of:
- $15 million revolving working capital facility with a 2-year term and an uncommitted $10 million accordion available at the discretion of National Bank;
- $4 million revolving term credit facility to finance capital expenditures, amortized over 84 months; and
- $6.755 million non-revolving term credit facility.
Indebtedness under the senior credit facility will bear interest at the Canadian Bankers' Acceptance Rate plus 2.75% and is secured by all existing and future subsidiaries of the Company, including a first mortgage on the Company's Brampton, ON manufacturing facility which replaces the existing mortgage on such facility, with a 25-year amortization.
About good natured Products Inc.
good natured® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of eco-friendly options made from plants instead of petroleum. We're all about making it easy and affordable for business owners and consumers to switch to better everyday products® made from renewable materials and free from chemicals of concern.
Part of the sustainable consumer goods market, good natured® offers over 400 products and services through wholesale and retail channels, including our own e-commerce stores. From plant-based home organization products to compostable food containers, bioplastic industrial supplies and medical packaging, we're focused on delivering a great customer experience and to make more plant-based products readily accessible to more people as the path to deliver meaningful environmental and social impact.
For more information: goodnaturedproducts.com
On behalf of the Company:
Paul Antoniadis – Executive Chair & CEO
Contact: 1-604-566-8466
Investor Contact:
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
[email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.
SOURCE Good Natured Products
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