Citizens Business Bank provided a $7.5 million, two-year revolving credit facility to Better Choice Company, an animal health and wellness company, to support its future growth initiatives. The new credit facility matures on July 5, 2022, and bears an annual interest rate of LIBOR plus 250 basis points.
“Our current cash flow position is strong, and we are pleased to complete this new credit facility on terms that will provide Better Choice with a greater amount of financial flexibility and better position the company for long-term success,” Werner von Pein, CEO of Better Choice, said. “We appreciate the support of our lenders as this new facility lowers our cost of capital by more than 8%, is expected to support our future global growth initiatives, and enables greater strategic flexibility as we pursue a wealth of opportunities both domestically and abroad.”
