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TQLA Provides $3MM Secured Credit Facility to Eastside Distilling

March 25, 2022, 06:00 AM
Filed Under: Beverage

Eastside Distilling, a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and ready-to-drink "RTD" craft cocktails, closed a new secured credit facility of up to $3 million in available principal amount with TQLA, LLC.   

The Company has entered into a definitive agreement with TQLA, LLC to accept a one-year loan of $2 million with a conditional additional loan of $1 million and a conditional term extension of six months. The loan will bear interest at 9.25% and carry a commitment fee of 2.5%. The Company will issue a common stock purchase warrant to TQLA covering the loan amount with a strike price of $1.20.

Geoffrey Gwin, Eastside's Chief Executive Officer commented, "This is an encouraging development and will help us fund the growing working capital needs of the business as we launch digital can printing.  We greatly value the partnership with a key stakeholder such as Pat Kilkenny."

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