ProSep Concludes Revolving Loan
ProSep has concluded a $2.5 million unsecured revolving loan agreement with Fondaction. This facility will provide the Company with additional liquidity to fund working capital requirements due to an increased level of activity and growing backlog and to support investments in strategic initiatives.
The facility bears interest at a monthly fixed rate of 1%, has an initial twelve month term and, subject to annual review, can be renewed for up to a total of three years. It will rank after any existing secured indebtedness of the Company.