- Eden Innovation (EDE) completes refinancing of the two existing secured loans in the US
- The new loan from iBorrow is valued at US$6.48 million and is secured against the three US properties owned by Eden US that have an aggregate value of US$12.15 million
- The remaining balance of the new loan will be around US$1.7 million after discharging the current loan and the unpaid purchase price, and establishing a 12 months’ interest reserve and insurance reserve deposit
- These funds will supplement the $755,000 that was raised under the placement and will be used for additional working capital for the Eden Group
- Shares in Eden have ended the day trading steady at 0.9 cents
Eden Innovation (EDE) has completed refinancing of the two existing secured loans in the US.
The two loans refer to the existing US$3 million (A$4.24 million) debt secured against the three US properties owned by Eden’s US subsidiary and the remaining US$365,482 outstanding balance owing to the vendor of the original property that Eden US acquired in Colorado.
The new loan from Californian-based national financing company, iBorrow, is valued at US$6.48 million and is secured against the three US properties owned by Eden US that have a recently appraised combined value of US$12.15 million.
Key material terms of the loan include an interest rate of 9.75 per cent per annum on the aggregate amount of the principal sum outstanding from time to time, calculated and payable monthly in arrears.
The remaining balance of the new loan will be approximately US$1.7 million after discharging the current loan and the unpaid purchase price, and establishing a 12 months’ interest reserve and insurance reserve deposit.
These funds will supplement the $755,000 that was raised under the placement and will be used for additional working capital for the Eden Group.
Shares in Eden ended the day trading steady at 0.9 cents.