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ATB Financial Leads $50MM Syndicated Credit Facility for The Flowr Corporation

Date: Jun 19, 2019 @ 08:40 AM
Filed Under: Industry News

The Flowr Corporation announced that the Corporation has received a loan commitment from a syndicate of lenders led by ATB Financial (“ATB”) in its capacity as lead arranger and administrative agent for up to $50,000,000 of committed senior secured credit facilities (the “ATB Credit Facilities”).

Pursuant to the ATB Credit Facilities, the Corporation will be permitted to use a recapitalization term facility and a revolving operating credit facility for general working capital purposes and a development facility for the development of its Kelowna 1 Facility, Kelowna 2 Facility and Flowr Forest. The ATB Credit Facilities will have a maturity day of three (3) years.  Under the terms of the ATB Credit Facilities, the Corporation will be subject to certain financial, positive and negative covenants.  In addition, the ATB Credit Facilities provide for an accordion of up to $50,000,000.  The applicable margins for the ATB Credit Facilities is based on certain performance-pricing grids, ranging from 250 bps to 325 bps for bank acceptances and letters of credit, 125 bps to 200 bps for prime loans, and certain standby fees.

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