"This financing represents another important step in optimizing our capital structure and strategically positions us to continue executing on our transformative growth plan," said Benjamin Urban, CEO of DIRTT.
Following the satisfaction of the conditions precedent set forth in the Letter, BDC will make an initial disbursement to the Company of C$10.0 million and a secondary disbursement of C$5.0 million. The Loan will accrue interest at a rate equal to BDC's floating base rate (currently 6.55% per annum) minus 0.75%. Monthly principal repayments of the Loan commence in May 2026 with additional monthly interest-only payments due on the last day of each month following the first disbursement. The Loan matures on April 30, 2032.
The obligations of the Company under the Letter are secured by: (a) a general security agreement from the Company granting (i) a first-ranking security interest in specific equipment and (ii) a security interest in all other present and after-acquired personal property (excluding consumer goods), subject to certain registered charges; (b) a guarantee from DIRTT Environmental Solutions, Inc. for the full amount of the Loan; (c) a landlord's waivers of distraint; and (d) a first readvanceable mortgage in the principal amount of US$5.0 million on the ...
