good natured Products Inc. Announces Up to USD $55 Million Credit Facility with Wells Fargo and CAD $6.6 Million Mortgage Financing with Business Development Bank of Canada
Rhea-AI Summary
good natured Products Inc. announced the completion of a secured revolving credit facility with Wells Fargo Bank, totaling up to USD $55 million. This facility includes a USD $30 million asset-based revolving credit facility and an uncommitted USD $25 million revolving line. The initial draw is aimed at retiring CAD $13.7 million of debt with National Bank of Canada. Additionally, a CAD $6.6 million mortgage refinancing with BDC was secured, enhancing the company’s financial flexibility to support growth initiatives.
Positive
- Secured up to USD $55 million credit facility with Wells Fargo.
- Initial draw reduces CAD $13.7 million existing debt with National Bank.
- Mortgage refinancing of CAD $6.6 million improves financial flexibility for growth.
Negative
- None.
News Market Reaction – GDNPF
In the trading session that priced this news, GDNPF gained 3.33%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC, Aug. 26, 2022 /PRNewswire/ - good natured Products Inc. (the "Company" or "good natured®") (TSXV: GDNP) (OTCQX: GDNPF), a North American leader in plant-based products, today announced it has completed a senior secured revolving credit facility (the "Senior Credit Facility") with Wells Fargo Bank, N.A. ("Wells Fargo"), through its wholly owned subsidiary Wells Fargo Capital Finance Corporation Canada, consisting of a USD
The initial draw on the Senior Credit Facility was used to retire CAD
"Attracting one of the largest banks in the U.S. as a partner to fuel our current and future growth initiatives is an incredible milestone for the Company and speaks to the strong commercial viability of our sustainable value proposition," stated Paul Antoniadis, CEO of good natured®. "We're also very excited to have BDC, one of our largest shareholders, extend its support at this important juncture, and are very pleased that Wells Fargo and BDC share a common vision regarding our long-term path for growth, value creation, and in making better everyday products® that create a healthy sustainable future for our planet and its people."
The Senior Credit Facility with Wells Fargo provides up to USD
The facility with Wells Fargo provides greater flexibility with respect to covenants that supports the Company to execute its growth strategy.
The secured Mortgage Refinancing on the Brampton location with BDC features a principal amount of CAD
The good natured® corporate profile can be found at: investor.goodnaturedproducts.com and at on SEDAR (sedar.com) under the Company's issuer profile.
good natured® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products® that use more renewable materials, less fossil fuel, and no chemicals of concern.
good natured® offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people as a means to create 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
invest@goodnaturedproducts.com
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.
This news release contains forward-looking information within the meaning of securities laws including statements related to the potential benefits of the Senior Credit Facility and the Mortgage Refinancing. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking information contained in this news release is based on our current estimates, expectations and projections regarding, among other things, future growth, sales volume and pricing which we believe are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date.
If relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
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SOURCE Good Natured Products