Le Lézard
Classified in: Science and technology, Business
Subject: FNC

mdf commerce enters into a monthly recurring revenue (MRR)-based CAD$50 million senior secured credit agreement

The credit agreement provides significant flexibility to support the Corporation's 5-year strategic plan and repay in full current debt maturing on December 18, 2020

MONTRÉAL, Oct. 14, 2020 /CNW Telbec/ - mdf commerce inc. ("mdf commerce") (TSX: MDF), a leader in SaaS commerce technology solutions, is pleased to announce that it has secured credit facilities of up to CAD$50 million by entering into a senior credit agreement with The Bank of Nova Scotia and Roynat Capital Inc. Closing of the new senior secured credit agreement is contemplated to occur on or about October 15, 2020, subject to the satisfaction of certain conditions precedent that are customary for financing transactions of this nature.

"We are pleased with the outcome of our senior secured bank refinancing and its purpose to support the execution of our ambitious strategic plan," commented Luc Filiatreault, President and Chief Executive Officer of mdf commerce. "The credit facilities extended by The Bank of Nova Scotia and Roynat Capital are well designed to support our monthly recurring revenue growth and aligned with key performance indicators of our SaaS-based business. These credit facilities will provide mdf commerce with financial flexibility to support its working capital needs and growth-oriented investments, including strategic acquisitions."

Echelon Capital Markets acted as the exclusive financial advisor to mdf commerce in the arrangement of their credit facilities. "We are excited on how this partnership and new SaaS revenue -based credit arrangement will position mdf commerce to achieve its strategic growth objectives, with strong financial backing," said Echelon's Co-Head of Capital Markets, Karanjit Bhugra.

The new credit agreement provides for a three (3) year committed revolving credit facility from The Bank of Nova Scotia providing up to CAD$ 35 million in credit based primarily on the monthly recurring revenues (MRR) of the Corporation.

The new credit agreement also provides for a three (3) year committed term credit facility from Roynat Capital Inc. in an amount of up to CAD$ 15 million.

The new credit agreement contains usual representations, warranties and covenants associated with a financing transaction of this nature.

The facilities will be used for general corporate purposes in connection with the execution of the Corporation's strategic business plan launched last February, including working capital requirements, capital expenditures and acquisitions. The revolving credit facility under the new credit agreement will be used, at closing, to repay all amounts due under the existing revolving credit facility maturing on December 18, 2020. The Corporation's obligations under the new credit agreement are guaranteed by certain material Canadian and U.S. subsidiaries of the Corporation and secured by senior security interests over their assets.

About mdf commerce inc.

mdf commerce inc. (TSX:MDF), formerly known as Mediagrif Interactive Technologies Inc., enables the flow of commerce by providing a broad set of SaaS solutions that optimize and accelerate commercial interactions between buyers and sellers. Our platforms and services empower businesses around the world, allowing them to generate billions of dollars in transactions on an annual basis. Our strategic sourcing, unified commerce and emarketplace platforms are supported by a strong and dedicated team of more than 600 employees based in Canada, the United States, Denmark, Ukraine and China. For more information, please visit us at mdfcommerce.com, follow us on LinkedIn or call at 1?877-677-9088.

SOURCE mdf commerce inc.

These press releases may also interest you

at 17:20
Direxion has announced it will execute forward share splits for two of its exchange-traded funds ("ETFs"), as well as reverse share splits for an additional two ETFs. The total market value of the shares outstanding will not be affected as a result...

at 17:15
ThreeD Capital Inc. ("ThreeD" or the "Company") a Canadian based venture capital firm that invests in disruptive companies and promising junior resources companies, is pleased to announce that it and its Joint Actor has acquired ownership and...

at 17:10
STORAGEVAULT CANADA INC. ("StorageVault") (SVI-TSX-V) is pleased to announce that, further to its November 2, 2020 news release, it has completed the acquisition of 13 stores and 1 piece of vacant land (collectively, the "Acquisitions") from six...

at 17:05
Stock Option Grant Premier Diversified Holdings Inc. ("Premier" or the "Company") announces that, subject to stock exchange approval, it will grant a total of 7,250,000 options ("Options") to purchase common shares of the Company at an exercise...

at 17:05
Centerra Gold Inc. ("Centerra") is pleased to announce the appointment of Mr. Tengiz A.U. Bolturuk to its Board of Directors. Centerra also announces the resignation of Mr. Askar Oskombaev from its Board of Directors. Mr. Bolturuk, a dual citizen...

at 17:05
Gatos Silver, Inc. ("Gatos Silver") today announced that it will report its third quarter 2020 operational and financial results after market close on Tuesday, December 8, 2020. Management will be hosting a webcast and conference call at 10:00 a.m....

News published on 14 october 2020 at 10:41 and distributed by: