debt
confidence high
sentiment neutral
materiality 0.55
Innovative Food Holdings refinances with $9.06M USDA-guaranteed term loan maturing 2048
INNOVATIVE FOOD HOLDINGS INC
- New term loan of $9,057,840 from MapleMark Bank; USDA guarantees 80%.
- Maturity extended from 2023 to June 13, 2048; interest at Base Rate+1.25% (floor 4.50%).
- Monthly principal+interest payments of $80,025.01, starting July 1, 2023.
- Existing FL/IL loan ($356,800) modified, maturity extended to 2033, rate 6.64%.
- Revolving credit facility increased to $3.0M and termination extended to May 27, 2024.