Avcorp Industries announced that it has entered into a loan agreement with Royal Bank of Canada (“RBC”) for a $12m principal amount secured debt facility (the “Debt Facility”). The Debt Facility has a three-year term and bears interest at a rate equal to RBC’s prime rate plus 0.5%. The Debt Facility is secured by a charge and specific registration over all of the assets of the Company. The Debt Facility will be used to repay amounts owing under the Company’s facility with HSBC Bank Canada, the Company’s secured term loan, and for general working capital purposes. This debt facility will significantly reduce the Company’s cost of capital.
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Tamar Jorssen
Vice President Sales & Marketing
+1.778.213.8543
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5811 Cooney Road
Richmond, BC V6X 3M1
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada