- The Limestone Boat Company Limited (BOAT) has executed a term sheet to provide up to US$6 million in secured credit financing
- The credit financing is expected to be advanced to the company in a series of tranches between August and October of 2022
- The company intends to use the proceeds from the credit financing to improve its manufacturing facility in Tennessee, acquire extra manufacturing equipment
- The Limestone Boat Company is the owner and builder of Aquasport Boats, Limestone Boats and Boca Bay Boats
- The Limestone Boat Company Limited was unchanged at $0.08 at 10:45 AM ET
The Limestone Boat Company Limited (BOAT) has executed a term sheet to provide up to US$6 million in secured credit financing.
The credit financing is expected to be advanced to the company in a series of tranches between August and October of 2022.
The Limestone Boat Company intends to use the proceeds from the credit financing to improve its manufacturing facility in Tennessee, acquire extra manufacturing equipment, and for general corporate purposes.
The credit financing will allow the company to bolster its inventory levels, reduce supply chain disruptions in manufacturing, and commence the phased transformation of its manufacturing capabilities.
This will be done through expanding and reconfiguring select production spaces, integrating additional technology, expanding its large boat production capacity, and enhancing manufacturing process flow.
The term sheet is non-binding, and any formal transaction between The Limestone Boat Company and the lender is subject to the parties executing a definitive loan agreement and other security documentation.
“We are delighted to welcome aboard a new stakeholder who shares in our vision for the next phase of our company’s growth strategy,” said Scott Hanson, Chief Executive Officer of the Limestone Boat Company.
“Investing in procurement, the facilities, technologies, and processes required to expand our throughput capacity and increase production scale will enable us to meet our existing order backlog and the growing demand for our boats,” he added.
The Limestone Boat Company is the owner and builder of Aquasport Boats, LimestoneBoats and Boca Bay Boats.
The Limestone Boat Company Limited was unchanged at $0.08 at 10:45 AM ET.