(MENAFN- Investor Brand Network) eat well group (cse: ewg) (otc: ewgff) ,
a leading plant-based food agribusiness and CPG company, has successfully closed a refinancing effort announced late last year. The company worked with the Business Development Bank of
Canada
(“BDC
“) as well as a private lender on the debt reduction. According to the announcement, Eat Well has lowering its interest rates from 14.25% to a blended rate of 9.55%, reducing interest payments by more than 35% and interest charges by more than
$2.1 million a year. The company stated that the debt reduction will strengthen its finances and support increased investment in core business operations.“We are thrilled to announce the successful completion of our debt refinancing, thanks to the world-class support of the Business Development Bank of
Canada
and our private lender,” said Eat Well Group president and CEO Marc Aneed in the press release.“This refinancing represents a major milestone for our company as it significantly reduces our interest charges and extends the maturity of our debt. We are excited about this new relationship with a strategic lender as we pursue our sharpened ag-focused strategy. In conjunction with the recent agreement for the sale of Sapientia, reducing our ownership stake in Pata Foods (Amara) from 51% to 28%, thereby reducing liabilities by
$7.05 million, our uplisting plans, and the release of our audited and consolidated financials, we are accelerating momentum to create a more profitable and focused platform.”
To view the full press release, visit
About
Eat Well Investment Group Inc.
Eat Well is a publicly traded investment company primarily focused on the agribusiness, food tech, plant-based, and environmental, social and governance (“ESG”) sectors. Eat Well's management team has an extensive record of sourcing, financing and building successful companies across a broad range of industries and maintains a current focus on the health/wellness industry. The team has financed and invested in early-stage venture companies for more than 25 years, resulting in unparalleled access to deal flow and the ability to construct a portfolio of opportunistic investments intended to generate superior risk-adjusted returns. For more information about the company, please visit
.
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