Tuesday, May 02, 2017 9:31:17 AM
https://finance.yahoo.com/news/coda-octopus-group-inc-us-130201412.html?.tsrc=rss
Coda Octopus Group, Inc. and US Subsidiaries Enter Into Loan Agreement with HSBC Bank
ORLANDO, FL, May 2, 2017 - Coda Octopus Group, Inc. (CODA) (COGI), a global leader in real-time 3D sonar technology, today announced that on April 28, 2017, the Company together with its wholly owned subsidiaries, Coda Octopus Products, Inc. and Coda Octopus Colmek, Inc., entered into a loan agreement with HSBC Bank NA for a loan in the principal amount of $8,000,000. The annual interest rate is fixed at 4.5566%. Commencing on May 28, 2017 and continuing on the 28th day of each month thereafter, the Company is required to make monthly principal and interest payments of $149,350 until April 28, 2022. In addition, within 30 days after the delivery to HSBC Bank of CODA`s annual audited financial statements, the Company is required to make an annual principal payment of $700,000 during the term of the loan. Such annual payments will reduce the balance of the principal outstanding. As a result, it is expected that the loan will be repaid within a period of approximately 45 months. The loan may be prepaid in whole or in part at any time, subject to a break funding charge as detailed in the promissory note evidencing the loan.
The obligations in connection with the repayment of the loan are secured by all assets of CODA and its subsidiaries. In addition, the repayment of the loan is guaranteed by three of the Company`s overseas subsidiaries.
The proceeds from the loan were used to repay in its entirety the outstanding principal balance of $8,000,000 under secured debentures that were issued by CODA in February 2007 and that were most recently held by CCM Holdings, LLC. Accrued and unpaid interest under the debentures of approximately $1,133,261 was satisfied through the issuance to CCM Holdings of 1,000 shares of Series C Convertible Preferred Stock, par value $0.001, with a stated value of $1,000 each. The Company paid the balance in cash.
Annmarie Gayle, CODA`s CEO commented, "The refinancing of the Company senior debt by a reputable global bank, along with the issuance of the Series C Convertible Preferred Stock (in satisfaction of outstanding interest) is a major achievement and vastly improves the Company`s balance sheet, and reduces the amount of cash the Company pays in interest. This step combined with the recent return to being an SEC reporting Company and up-listing on the OTCQX are pivotal events in the progression of the Group."
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