https://www.newswire.ca/news-releases/martello-secures-3-million-in-loan-facilities-from-royal-bank-of-canada-rbc-699432151.html
NEWS PROVIDED BY
Martello Technologies Group
Nov 02, 2018, 14:17 ET
Financing from leading Canadian commercial lender closed in conjunction with the acquisition of Savision
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OTTAWA, Nov. 2, 2018 /CNW/ - Martello Technologies Group Inc. (TSXV: MTLO), ("Martello" or the "Company"), a leading provider of network performance management solutions for real-time communications announced today that it has closed a financing with Royal Bank of Canada (RBC) for new loan facilities through its subsidiary Martello Technologies Corporation (the "Loan"). The financing includes a term loan of $3 million, in conjunction with the acquisition of Savision B.V.
This new financing is comprised of a term loan, a revolving facility and other ancillary facilities. The term loan of $3 million bears an interest rate of 5.40% per annum and is repayable over a term of 36 months. The revolving facility, in the amount of up to $1 million, bears a variable interest rate based on the RBC prime rate and is repayable on demand.
The facilities are secured by a general security agreement on the property of Martello Technologies Corporation, a subsidiary of the Company, as well as secured guarantees from five other subsidiaries of the Company and the Company itself.
"This loan facility from Royal Bank of Canada will solidify our foundation for growth and help fuel Martello's 'build and buy' strategy, which includes the acquisition of Savision", said John Proctor, president and CEO of Martello. "We appreciate the confidence placed in us by one of Canada's largest commercial lending institutions".
Recent acquisition activities for Martello include the acquisition of Savision B.V. announced in October 2018, after having acquired Elfiq Networks in December 2017 and Netvitesse in 2014. The Company's solutions have also been recognized by the industry. In September, Martello received a Frost & Sullivan Leadership Award for NPM (Network Performance Management) and ranked as Ottawa's Fastest Growing Company, at No. 28 on the Growth 500 list of Canada's Fastest Growing Companies. The Company recently went public with a TSXV listing, following the closure of an oversubscribed $7.5 million private placement.
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