- Goodfood Market Corp. (FOOD) has reached an agreement for new credit facilities
- The company reached the agreement for an amended and restated credit agreement with its existing syndicate providing bank financing totalling approximately $10 million
- The facilities include a $5 million term loan, a $2.5 million revolving credit facility, and $2 million in additional short-term financing and come to maturity in November 2023
- Goodfood Market Corp. is a leading digitally native meal solutions brand in Canada
- Goodfood Market Corp. was down 1.923 per cent, trading at $0.51 at 1:04 PM ET
Goodfood Market Corp. (FOOD) has reached an agreement for new credit facilities.
The company reached the agreement for an amended and restated credit agreement with its existing syndicate providing bank financing totalling approximately $10 million.
The facilities include a $5 million term loan, a $2.5 million revolving credit facility, and $2 million in additional short-term financing which come to maturity in November 2023.
Goodfood intends to use the facilities mainly to refinance its existing credit facilities, for working capital purposes and for capital expenditures.
The facilities feature updated financial conditions, including cash and financing-related covenants. As such, Goodfood is no longer in breach of covenants.
“We are very satisfied to have worked closely with our lending group and to have established credit facilities that continue to support our strategic efforts to achieve profitability in the first half of this fiscal year while exiting the tolerance agreement entered into during the summer,” stated Jonathan Ferrari, Chief Executive Officer of Goodfood.
“Combined with our cash balance and our continued cash flow and profitability improvements, the credit facilities will provide flexibility to help propel Goodfood into profitable growth in the coming quarters,” he added.
Goodfood Market Corp. is a leading digitally native meal solutions brand in Canada.
Goodfood Market Corp. was down 1.923 per cent, trading at $0.51 at 1:04 PM ET.