PHI Group signed a non-binding term sheet with TCA Global Credit Master Fund for a maximum $15 million senior secured line of credit. Up to $4 million will be made available to the company on the first drawdown for acquisition financing pending due diligence, background checks on the company, principals, history of the public vehicle and final approval by TCA’s investment committee. The drawdown is subject to completion and execution of full and final binding documentation.

The company, at the sole discretion of the investor, may request an increase in the line of credit at agreed upon time periods and agreed upon amounts. The sum of the initial line of credit and the subsequent line increases, if any, shall not exceed the maximum line of credit. Each subsequent line increase will require the company to execute and deliver a new or revised revolving note to the investor and be responsible for any fees and expenses associated with the line increase.

Henry Fahman, CEO of PHI Group, said, “Access to this credit facility will greatly enhance our ability to carry out our acquisition program in North America. The company will work with TCA to fulfill the requirements mentioned above in order to close an initial draw on the facility to be used to acquire an agribusiness and/or a construction material company with positive cash flows in Southeastern U.S. and we believe that the leverage that this facility will afford us will enable us to minimize equity dilution compared to all-equity alternatives.”

New York-based PHI Group is engaged in mergers and acquisitions and seeking to acquire operating companies in select industries.