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good natured Announces Extension Agreement with Primary Lender & Refinancing LOI with Major U.S. Bank and Canadian Lender
Wednesday, July 6, 2022Company Profile | Follow Company
Vancouver, BC, July 6, 2022--(T-Net)--good natured Products Inc. (TSX-V: GDNP) (OTCQX: GDNPF), a North American leader in plant-based products, today announced that it has entered into an extension agreement dated June 29, 2022 with its primary lender in connection with the senior credit agreement dated October 28, 2021 between the Company and its primary lender.
The Extension Agreement relates to the breach of the fixed charge coverage ratio covenant ("FCCR") under the Senior Credit Facility as previously announced in the Company's press releases dated May 9, 2022 and May 12, 2022.
Under the Extension Agreement, the Company's primary lender has agreed to forbear from exercising its enforcement rights with respect to past breaches of the FCCR as at December 31, 2021 and March 31, 2022 for a period of 60 days from the date of the Extension Agreement and has provided a waiver of the FCCR covenant as at June 30, 2022.
The Company is pursuing a refinancing of the Senior Credit Facility during the 60-day period.
The Company says it has signed a non-binding letter of intent with a major U.S. bank and non-binding term sheet with a major Canadian lender with respect to the Refinancing and is currently in due diligence and further negotiations with both entities in pursuing the Refinancing.
The good natured ® corporate profile can be found at: investor.goodnaturedproducts.com
About good natured Products Inc.
good natured ® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products ® that use more renewable materials, less fossil fuel, and no chemicals of concern.
good natured ® offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people as a means to create meaningful environmental and social impact.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release. Cautionary Statement Regarding Forward-Looking Information
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