Innovative Food Holdings refinances with $12.47M in new loans from MapleMark Bank, repays Fifth Third Bank

INNOVATIVE FOOD HOLDINGS INC

Term loan of $10.46M with MapleMark; initial tranche of $5.70M used to repay Fifth Third loans.
Revolving credit facility of $2.01M from MapleMark, replaces existing asset-based revolver with Fifth Third.
Term loan matures Nov 28, 2022; may extend to June 6, 2052 if USDA guarantee obtained.
Debt service reserve of $2.31M from second tranche; unused after June 1, 2024 applied to indebtedness.
Loans bear interest at WSJ Prime + 1.25% (floor 4.50%); fixed charge coverage ratio ≥ 1.25x.

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