EduFocal Limited (LEARN) has advised that pursuant to authorization by its Board of Directors on September 27, 2022, entered into a loan agreement with Mayberry Investments Limited as on-lender for a principal amount of $200,000,000 Jamaican Dollars (Loan Facility).
EduFocal further advised that the proceeds from the Loan Facility were received by the company on September 30, 2022 and will be used to pay related party debt, loan refinancing and for working capital and expansion purposes.
The key terms of the Loan Facility are:
- Unsecured loan facility for a principal sum of $200,000,000 Jamaican Dollars.
- The term is seven years due 2029.
- The interest rate will be at a fixed rate of 9.50% per annum for the first two years (2024) and will be variable annually thereafter subject to review by Mayberry Investments Limited per annum on the reducing balance.
- Payments will be made quarterly in an amortizing structure.
