Rubicon Organics has entered into additional credit agreements under which it has borrowed up to an aggregate of $4,000,000 from Community Savings Credit Union.
The Credit Agreements consist of a $3.0 million Capital Loan with a term of five years, with an amortization period of ten years, and bears interest at a rate of 6.79% per annum and a $1.0 million Line of Credit which bears interest at a rate of CSCU Basic Lending Rate plus 5.50%, calculated on a monthly basis.
The Credit Agreements, secured against the Cascadia Facility and expected to be finalized within the next month, will be used by the Company to fund margin accretive projects at its Pacifica and Cascadia Facilities.
"This financing provides us with capital and flexibility to execute on our growth plans while maintaining a strong balance sheet," said Glen Ibbott, CFO. "We appreciate the continued support of our financial partners and their confidence in our vision."
For more information:
Rubicon Organics
[email protected]
www.rubiconorganics.com
