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Vicinity Motor closes $30 million credit facility with Canadian banks
Chicago, Feb. 21 – Vicinity Motor Corp. closed on a new $30 million credit facility with Royal Bank of Canada and Export Development Canada, according to a press release.
Interest will be at Prime plus 200 basis points.
The facility is secured by the existing assets of the company.
Proceeds will be used to find production of the company’s class 3 electric truck.
RBC will continue to provide a C$10 million asset-backed facility for use with existing bus orders and a $3 million letter-of-credit facility.
The borrower supplies electric vehicles for public and commercial enterprise use. Vicinity Motors is based on Vancouver.
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