Orbite Technologies completed a secured debt financing up to C$22 million ($16.95 million) in the aggregate.

The facility is comprised of a C$8.5 million ($6.5 million) revolving credit facility, term loan A C$0.6 million ($0.45 million) and term loan B C$13.0 million ($10.0 million)- all with MidCap Financial.

The credit facility and term loans with MidCap will bear interest at the LIBOR rate, which shall be no less than 0.5% (currently 0.2%), plus 6.5%.

“Having successfully commenced commissioning of sections of our HPA plant, we have now secured the remaining funds required for completion and full commissioning of the facility, and to cover our working capital requirements beyond the start of commercial production, expected in the fourth quarter of this year,” stated Glenn Kelly, CEO of Orbite.

A portion of the revolving credit facility and term loan A will be repayable as the Investment Tax Credits payments for the 2014 financial year are received by the company, while the term loan B principal is repayable in 36 equal monthly installments starting on December 1, 2016.

The balance of the revolving credit facility will be used to finance the company’s eligible receivables.