Saltire Capital entered into a credit agreement with National Bank of Canada (NBC), pursuant to which NBC has agreed to provide Saltire with a revolving credit facility in the amounts and on the terms and conditions outlined below._x000D_
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The credit facility provides Saltire with borrowing capacity of up to $12 million (with an additional S$3 million accordion feature), which is designed to provide Saltire with further flexibility as it continues to pursue its growth strategy. In particular, the credit facility is expected to support Saltire’s ability to capitalize on acquisition opportunities as they arise, and also for general corporate and working capital purposes, while maintaining a prudent approach to leverage._x000D_
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Selected highlights regarding the credit facility include:_x000D_
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- NBC will provide Saltire with up to $12 million of credit.
- Provided no default has occurred and is continuing under the credit agreement, Saltire may request an increase to the credit limit in an amount up to US$3 million.
- The credit facility is available on a revolving basis and may be drawn in CAD and/or USD.
- The credit facility will mature on the third anniversary of the credit agreement.
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The company’s obligations under the credit agreement are secured by a guarantee provided by its wholly-owned subsidiary, Strong/MDI Screen Systems, and first-ranking liens against Saltire’s and MDI’s present and future property._x000D_
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“We are pleased to partner with National Bank of Canada as our lender, and we look forward to continuing to cultivate this relationship as we execute on our strategy,” Andrew Clark, CEO of Saltire, said. “I am confident that this transaction will enhance our success as we continue to grow our business.”
