Final Bell borrows $25 million term loan from Golden Iris

Chicago, Aug. 18 – Final Bell Holdings International Ltd. announced a $25 million term loan facility agreement dated Aug. 17 with Golden Iris International Ltd., according to a press release.

The term loan is guaranteed by Final Bell Holdings Inc., Final Bell Canada Inc. and various affiliates.

The loan matures on Aug. 18, 2025.

Interest is 12% per year. The first half (6%) is payable quarterly and the second half (6%) accrues and is due and payable on the maturity date or at the time of any early repayment.

Proceeds will be used by the company to repay the outstanding senior secured convertible notes due 2022, pay for the acquisition of FB Canada and provide for ongoing working capital requirements.

Funding has been delayed pending completion of certain internal administrative requirements of the lender.

Funding is expected in the next two weeks.

As a result of the delays, though, the company has been unable to repay the amounts owing on the senior secured notes on the Aug. 17 maturity date.

While there is an event of default, the company has been in discussions with the noteholders and the trustee for the notes and the company believes that the holders will likely refrain from seeking enforcement under the terms of the secured notes indenture.

Final Bell is a Vancouver, B.C.-based cannabis company.

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