Neptune Wellness Solutions Inc.: debt financing — Neptune subsidiary Biodroga enters $3M accounts receivable and inventory financing with Alterna Capital

Neptune Wellness Solutions Inc.

Biodroga sold eligible accounts receivable to Alterna Capital Solutions; initial max amount $3M, can increase to $8M.
Inventory Finance Rider provides advances up to 75% of eligible inventory value at lower of cost or market.
Fees include prime plus 1% (min 9.5% per annum) on funds used; $20 per wire and other customary costs.
Initial 12-month term with automatic annual renewal; parent Neptune provided a Commercial Guaranty.
Collateral includes accounts receivable and inventory; security interest granted to Alterna.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Neptune Wellness Solutions Inc. incurred credit facility of $3 million with Alterna Capital Solutions LLC at prime plus 1% with a minimum interest rate of 9.5% per annum maturing initial twelve (12) month term, followed by automatic annual renewal terms.

Instrument: credit facility
Principal: $3 million
Counterparty: Alterna Capital Solutions LLC
Rate: prime plus 1% with a minimum interest rate of 9.5% per annum
Maturity: initial twelve (12) month term, followed by automatic annual renewal terms
Event: incurrence

Exact text from the filing

(the “Company”) executed an Invoice Purchase and Sale Agreement (the “PSA”) with Alterna Capital Solutions LLC (the “Lender”), dated November 8, 2023, providing for the purchase by the Lender of certain of Biodroga’s accounts receivable.

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Source: SEC EDGAR

accession 0001437749-23-032991

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