TORONTO, April 27, 2022 /CNW/ - Pluribus Technologies
Corp. (TSXV: PLRB) (the "Company") today announced
that it has entered into an agreement for a new three-year,
$42.0 million credit facility (the
"New Facility") with National Bank of Canada. The New Facility replaces Pluribus'
existing facilities that were set to mature at various intervals
between 2022 to 2024.
"This new facility, in combination with the proceeds from our
recent financing and listing on the TSX Venture Exchange, provide
us with enhanced flexibility to pursue acquisitions by leveraging a
combination of cash, debt and equity," said Richard Adair, CEO of Pluribus Technologies.
"Having completed two acquisitions already in 2022, we expect to be
able to deliver the same cadence of acquisitions as seen in
2021."
The New Facility provides Pluribus with a $3.0 million Revolving Credit Facility, a
$24.0 million Non-Revolving Term Loan
and a $15.0 million Delayed Draw Term
Loan. The Company intends to use the New Facility to refinance debt
under its existing facility, to partially finance the recent
acquisitions of Kesson Group Inc. and Kesson Group Holdings
Limited, (the "Kesson Group") and Veemo, Inc. ("Social5"), in
addition to future acquisitions, as well as for working capital and
general corporate purposes. The New Facility is secured by all
assets of Pluribus and all existing and future subsidiaries of the
Company. It contains customary representations, warranties and
covenants, including a covenant to maintain a Total Debt to EBITDA
ratio at or below 3.5 times and a Fixed Charge Coverage Ratio of
1.15 or higher at all times. Following an initial draw on the
new facility to refinance existing debt and partially finance
recent acquisitions, Pluribus expects to have approximately
$18 million available under the New
Facility The New Facility is modelled on grid based pricing with
the interest rate contingent on Pluribus' Total Debt to EBITDA
ratio. Based on Pluribus' current Total Debt to EBITDA
ration, initial borrowings are priced at Prime Rate plus 1.00% for
Canadian dollar loans and US Base Rate plus 1.00% for US dollar
loans. A copy of the New Facility will be made available
under Pluribus' profile on SEDAR at www.sedar.com.
About Pluribus Technologies
Corp.
Pluribus is a technology company that is a value-based acquirer
of small, profitable business-to-business technology companies in a
range of verticals and industries. Pluribus provides its
acquisitions access to experienced sales and marketing resources,
strategic partnership opportunities, a diverse portfolio of
customers in different geographical markets and enabling
technologies to create new revenue streams and provide the
opportunity for these companies to grow in their respective
markets.
For more information, please visit:
https://www.pluribustechnologies.com/.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements that constitute
"forward-statements." Such forward looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the Company's actual results, performance or achievements, or
developments to differ materially from the anticipated results,
performance or achievements expressed or implied by such
forward-looking statements. There can be no assurance that such
statements will prove to be accurate and actual results, and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company's expectations including risks
detailed from time to time in the filings made by the Company
pursuant to applicable Canadian securities laws.
Although the Company believes, in light of the experience of its
officers and directors, current conditions and expected future
developments and other factors that have been considered
appropriate that the expectations reflected in this forward-looking
information are reasonable, undue reliance should not be placed on
them because the Company can give no assurance that they will prove
to be correct. When used in this press release, the words
"estimate", "project", "belief", "anticipate", "intend", "expect",
"plan", "predict", "may" or "should" and the negative of these
words or such variations thereon or comparable terminology are
intended to identify forward-looking statements and information.
The forward-looking statements and information in this press
release include information relating to the business plans of
Company and the listing of the Company's shares on the TSXV. Risks
and uncertainties that may cause actual results to differ
materially from those contemplated in those forward-looking
statements and information.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
The forward-looking information contained in this news release
represents the expectations of the Company as of the date of this
news release and, accordingly, is subject to change after such
date. Readers should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. The Company undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
Contact:
Craig Armitage
LodeRock Advisors
investors@pluribustechnologies.com
416.347.8954
Richard Adair
Chief Executive Officer
Pluribus Technologies Corp.
1 (800) 851-9383
SOURCE Pluribus Technologies Corp.