TORONTO, Sept. 21, 2020 /PRNewswire/ – The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company“) (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) announces that it has entered into an agreement (the “Credit Facility Amendment”) with its lenders to amend the three-year term credit facility initially announced on November 14, 2019 (the “Credit Facility”).
Under the terms of the Credit Facility Amendment, the Company secured a deferral of its financial covenants related to fixed charge coverage ratio and leverage by 12 months to begin in the quarter ending March 31, 2022. New covenants regarding minimum liquidity and EBITDA will be tested in the interim. In addition, the Company has agreed to a 75 basis point increase in the applicable interest rate margin on the Credit Facility to reflect current industry dynamics.
The requirement for a minimum restricted cash balance has been removed and that balance has been used to repay a portion of the term loan outstanding. With…
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