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East West Bank Provides New $12MM Revolving Credit Facility to NewAge

March 15, 2022, 07:53 AM
Filed Under: Consumer Products
Related: East West Bank

NewAge, a direct selling company with a primary focus on healthy products, entered into a new $12 million revolving line of credit agreement with East West Bank which matures in March 2024. NewAge used this facility to repay in full its existing outstanding loan balance of $10.6 million under its 8.0% senior secured note with JGB Management. The remaining availability on the new facility will be used for general working capital purposes. The new LOC bears interest at Prime plus 1.75%, and is interest-only until March 2024.

Ed Brennan, NewAge’s Chairman and interim Chief Executive Officer, commented, “This new credit facility with East West Bank successfully retires the $30 million senior secured debt used to fund a portion of the ARIIX acquisition and enhances our liquidity profile.”

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