Green Rise Foods Inc. (TSXV: GRF), also known as “Green Rise,” has announced that the Royal Bank of Canada (RBC) and its Board of Directors have approved the refinancing of its Green Rise 1 (GR1) range mortgage and an amendment to its credit facility.
The total principal amount to be refinanced is $12.7 million, with a fixed annual interest rate of 5.75% over three years. The GR1 range in Leamington, Ontario, is strategically located adjacent to the Mastronardi Produce Head Office, Green Rise’s fresh produce distributor. Mastronardi owns and distributes the Sunset brand of fresh fruits and vegetables.
The amendment to the credit facility will augment Green Rise’s operating lines to $7.3 million and decrease the fixed coverage ratio to 1.1:1. Furthermore, an $0.8 million revolving credit facility will be made available to fund annual capital expenditures (CAPEX).
As per the definitive documentation, the refinanced mortgage and revised credit facility will take effect from July 1, 2023. This financial restructuring will provide Green Rise with increased financial flexibility and capacity to support its ongoing operations and strategic initiatives.
Image provided by Green Rise Foods
You must log in to post a comment.