SRx Health Solutions, Inc. (SRXH): debt financing — Better Choice enters $5M term loan at 10% with Alphia, grants warrants for ~14.8M shares

SRx Health Solutions, Inc.

Alphia provides $5M term loan at 10% interest, maturing June 2026; proceeds used to retire Halo's existing credit facility with Wintrust.
Lender receives warrants to purchase up to 14.8M shares at $0.26/sh; Second Tranche warrant subject to stockholder approval; anti-dilution provisions.
Halo enters $4.75M ABL facility with Wintrust (accounts receivable purchase) at minimum 5.5% interest, for working capital.
Loan secured by assets of Better Choice and Halo, including intellectual property; Alphia gets right of first refusal on change-of-control and board observer rights.
New direct manufacturing relationship with Alphia expected to reduce manufacturing costs.

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

SRx Health Solutions, Inc. incurred term loan of $5,000,000 with Alphia Inc. at 10% per annum, compounded quarterly maturing June 21, 2026.

Instrument: term loan
Principal: $5,000,000
Counterparty: Alphia Inc.
Rate: 10% per annum, compounded quarterly
Maturity: June 21, 2026
Event: incurrence

Exact text from the filing

Pursuant to the Term Loan Agreement, Alphia made a term loan to the Company in the original principal amount of $5,000,000 (the “Term Loan”).

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

SRx Health Solutions, Inc. incurred credit facility of up to $4,750,000 with Wintrust Receivables Finance, a division of Wintrust Bank N.A. at a minimum rate of 5.5% maturing an initial term of two years.

Instrument: credit facility
Principal: up to $4,750,000
Counterparty: Wintrust Receivables Finance, a division of Wintrust Bank N.A.
Rate: a minimum rate of 5.5%
Maturity: an initial term of two years
Event: incurrence

Exact text from the filing

Wintrust Facility On June 21, 2023, Halo entered into an account purchase agreement (the “AP Agreement”) with Wintrust Receivables Finance, a division of Wintrust Bank N.A. (“Wintrust”) pursuant to which Wintrust will purchase, at its discretion, up to eligible customer invoices and advance up to 75% of the face amount of all purchased invoices up to $4,750,000 (the “Wintrust Facility”).

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

SRx Health Solutions, Inc. entered into AP Agreement with Wintrust Receivables Finance, a division of Wintrust Bank N.A. valued at up to $4,750,000 (effective 2023-06-21).

Action: entry
Agreement: credit facility
Counterparty: Wintrust Receivables Finance, a division of Wintrust Bank N.A.
Value: up to $4,750,000
Effective: 2023-06-21

Exact text from the filing

entered into an account purchase agreement (the “AP Agreement”) with Wintrust Receivables Finance, a division of Wintrust Bank N.A. (“Wintrust”)

View on SEC.gov

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

SRx Health Solutions, Inc. entered into Term Loan Agreement with Alphia Inc. valued at $5,000,000 (effective 2023-06-21).

Action: entry
Agreement: credit facility
Counterparty: Alphia Inc.
Value: $5,000,000
Effective: 2023-06-21

Exact text from the filing

(NYSE: BTTR) (the “Company”), a pet health and wellness company, entered into a term loan credit agreement (the “Term Loan Agreement”) with Alphia Inc. (“Alphia”), a leading custom manufacturer of super-premium pet food in the U.S.

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102 debt financings filed in the last 30 days. Browse all debt financings →

SRx Health Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-023574

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