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Mountain Ridge Capital Provides $20MM Asset-Based Revolver to Danimer Scientific

April 23, 2024, 08:00 AM
Filed Under: Plastics

Danimer Scientific, a leading next generation bioplastics company focused on the development and production of biodegradable materials, announced that on April 19, 2024, it entered into an asset-based revolving credit and security agreement with Mountain Ridge Capital secured primarily by the Company’s accounts receivable and inventory.

The credit and security agreement provides for borrowings under a revolving commitment of $20 million with availability determined by a borrowing base formula as provided in the agreement. The agreement, among other things, also allows for increases in the commitment up to an additional $5 million and matures on or about April 19, 2027 (earlier maturity is subject to occurrence of certain events). Revolving loans are expected to be used, among other things, for general corporate purposes and working capital needs as permitted by the credit and security agreement.

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