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Emerge Commerce amends facility to extend term, reduce debt
By Marisa Wong
Los Angeles, Oct. 28 – Emerge Commerce Ltd. announced it signed an amendment of its credit facility with its existing lender, according to a press release.
The amended facility provides a term of up to 21 months, with an initial 12-month term plus an additional nine-month extension option. Inclusive of the extension option, the maturity of the debt facility would be July 27, 2024.
The company and the lender have agreed to reduce the debt facility to C$19 million from C$25 million over the next 12 months, inclusive of principal payments and amortization.
The company said it remains in good standing with the existing lender, which it has worked with since November 2019.
In consideration for the facility amendment, the lender was entitled to some fees and expenses, including a commitment fee equal to $275,000, which was fully paid and satisfied by the issuance of 1,718,750 common shares of Emerge.
Emerge is a Toronto-based diversified acquirer and operator of profitable niche e-commerce brands.
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