The agreement provides for a $33 million term loan to Baylin, of which Crown Capital Fund IV, an investment fund managed by Crown, has advanced $30 million. Crown syndicated $3 million of the loan to two of Crown IV LP’s institutional limited partners, including Portland Private Investment Counsel.
The term loan bears a fixed interest rate of 9.0% per annum and matures in 60 months. In addition, a total of 682,500 warrants of Baylin were issued to Crown IV LP and its syndicate partners.
Chris Wain-Lowe, chief investment officer of Portland, said, “Our relationship with the Crown team, led by Chris Johnson, CEO, is valued and we are pleased to co-invest and directly participate in this syndication to support Baylin’s transformative acquisition.”
Crown is a specialty finance company focused on providing capital to successful mid-market Canadian and select U.S. companies.