TCA Provides Revolver to Green Hygienics
Green Innovations Ltd. announced it secured a $5 million secured revolving credit facility from TCA Global Credit Master Fund. The facility will be used as working capital. The company received $1 million as an advance at closing.
In addition to significantly strengthening the company’s ability to negotiate better rates on materials and reduce its cost of goods, the financing will be used to support operations, sales and the company’s continued development of high-quality eco-friendly products made from sustainable and tree-free resources such as bamboo.
The marketplace for tissue paper products, diapers, wet wipes, feminine care products and adult care products, is in excess of $29 billion annually in the United States. Green Innovations seeks to capitalize on this growing trend to increase its market share and revenues.
“Consumer demand for eco-friendly products continues to grow and we need to ensure that we have the financial infrastructure to keep up with that demand,” stated Philip Rundle, CEO of Green Innovations. “Our new relationship with TCA changes the game in our favor.”
Green Innovations Ltd., through its wholly owned subsidiary Green Hygienics, is the exclusive licensed North American distributor of American Hygienics Corporation’s 100% tree-free bamboo-based product line, including personal care and paper-based goods.