Pulse Closes On $3.5 Million Revolving Credit Facility
DENVER, Nov. 10, 2015 /PRNewswire/ -- The Pulse Beverage Corporation ("Pulse") (OTCQX: PLSB), makers of Natural Cabana® Lemonades, Limeades, and Coconut Waters and PULSE® Heart & Body Health functional beverages, announced today it has closed on a $3,500,000 senior secured revolving line of credit facility ("Credit Facility"). Under the terms of the agreement, TCA Global Credit Master Fund, L.P. ("Lender") has committed to lend a total of $3,500,000. The initial tranche of $650,000 was funded on November 6, 2015. Following the initial tranche, the Company must meet specific requirement to gain access to an additional $250,000 being held in escrow and must meet specific monthly collateral requirements to further draw upon the Credit Facility. The initial tranche matures November 6, 2016. The Credit Facility is secured by a senior secured interest in all of the Company's assets. In connection with the Credit Facility, the Company also issued 3,000,000 shares of restricted common stock to the Lender. The Company has the right to buy-back these shares by paying $150,000 to the Lender on or before May 6, 2016, six months after issuance.
Robert E. Yates, CEO of Pulse, stated, "We are delighted to have this revolving Credit Facility to fund our growth plans in 2016."