TORONTO, Dec. 29,
2023 /CNW/ - Baylin Technologies Inc. (TSX: BYL)
("Baylin" or the "Company") is pleased to announce
that it has repaid in full its term loan, which matures on
December 29, 2023. The term loan is
part of the Company's credit facilities with Royal Bank of
Canada and HSBC Bank of
Canada, which also includes a
revolving credit facility. The repayment was funded from the
proceeds of the Company's recently completed rights offering of
$11.8 million and a private placement
to its largest shareholder, 2385796 Ontario Inc., for proceeds of
$1.7 million (the "Private
Placement").
The Private Placement consists of the issuance of 68,000 10%
Cumulative Redeemable Retractable Series A Preferred Shares (the
"Series A Preferred Shares") at a price of $25.00 per Series A Preferred Share (the
"Issue Price") for proceeds of $1.7
million. Subject to certain limitations and applicable law,
dividends are payable in cash on a monthly basis at an annual rate
of $2.50 per share. At any time on
and after January 1, 2025, the
Company at its option may redeem, and the holder may require the
Company to redeem, some or all of the Series A Preferred Shares
then outstanding in cash at the Issue Price. On December 31, 2028, the Company is required to
redeem all Series A Preferred Shares then outstanding in cash at
their Issue Price. The Series A Preferred Shares are
non-voting.
About Baylin
Baylin is a leading diversified global technology company. The
Company focuses on the research, design, development, manufacture,
and sale of passive and active radio-frequency products, satellite
communications products, and supporting services.
SOURCE Baylin Technologies Inc.
