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D-BOX Signs New $5MM Secured Loan Agreement With National Bank of Canada

August 02, 2019, 08:00 AM
Filed Under: Technology

D-BOX Technologies Inc., a leader in innovative motion technology, announced that it has entered into a loan agreement with National Bank of Canada pursuant to which a three-year secured revolving credit facility of $5.0 million has been made available to D-BOX. This new credit facility will mature three years from the date hereof and bear interest at an annual rate equal to National Bank of Canada’s floating rate of interest applicable to commercial loans in Canadian dollars plus 2.25%, which interest is payable monthly. The credit facility is secured by a hypothec and security interests on all of the assets of D-BOX and its wholly-owned US subsidiary. The amount of the credit facility will gradually reduce over the term of the facility at the end of each quarter, such that the amount of the credit facility at the end of each year will be as follows: $4.5 million dollars at the end of year one, $3.8 million at the end of year two, and $3.0 million at the end of year three.

An amount of $4M was fully drawn from the credit facility at closing to reimburse, together with cash available, a $5M loan (plus accrued interest) which was maturing on February 5, 2020.

“We firmly believe that the National Bank of Canada is a financial partner that is an advocate to Canadian innovation and is committed to support our expansion.” said Claude Mc Master, President and Chief Executive Officer of D-BOX.

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