Neptune Wellness Solutions Inc.: debt financing — Neptune Wellness subsidiary Sprout secures $7.5M inventory financing facility

Neptune Wellness Solutions Inc.

Sprout Foods entered amendment on April 21, 2023, increasing maximum credit to $7.5M from $5M.
New inventory finance rider added to existing accounts receivable factoring facility.
Advances up to 50% of eligible inventory (lower of cost/market) or 75% of net orderly liquidation value.
Interest rate prime plus 1% with an 8% minimum; 12-month initial term with auto-renewal.
Inventory line provides working capital for product expansion and supply chain efficiency.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Neptune Wellness Solutions Inc. amended credit facility of $7,500,000 with Alterna Capital Solutions LLC at prime plus 1% with a minimum interest rate of 8% per annum maturing twelve (12) months from January 20, 2023.

Instrument: credit facility
Principal: $7,500,000
Counterparty: Alterna Capital Solutions LLC
Rate: prime plus 1% with a minimum interest rate of 8% per annum
Maturity: twelve (12) months from January 20, 2023
Event: amendment

Exact text from the filing

("Sprout") and Alterna Capital Solutions LLC (the "Lender"), and a related Inventory Finance Rider (the "Rider"), dated as of April 21, 2023, by and between Sprout and the Lender.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Neptune Wellness Solutions Inc. entered into Inventory Finance Rider with Alterna Capital Solutions LLC (effective 2023-04-21).

Action: entry
Agreement: credit facility
Counterparty: Alterna Capital Solutions LLC
Effective: 2023-04-21

Exact text from the filing

Sprout Foods, Inc. ("Sprout") and Alterna Capital Solutions LLC (the "Lender"), and a related Inventory Finance Rider (the "Rider"), dated as of April 21, 2023, by and between Sprout and the Lender.

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Source: SEC EDGAR

accession 0000950170-23-020145

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