TORONTO, April 28, 2026 (GLOBE NEWSWIRE) -- Borealis Foods Inc. (NASDAQ:BRLS) ("Borealis" or the "Company"), a food science company focused on nutritious, convenient food solutions, today announced that its subsidiaries entered into a $17.0 million term loan facility with Oxus Capital PTE Ltd. ("Oxus"), a significant shareholder of the Company, to repay in full the Company's existing obligations to Frontwell Capital Partners Inc. ("Frontwell"), improve near-term financial flexibility, and support operations.

The transaction reflects confidence in Borealis' operating platform and market opportunity. The Company continues to see demand for its flagship products, including Chef Woo, Ramen Express, and its premium Gordon Ramsay line, across retail, e-commerce, and other channels. Borealis believes its portfolio is aligned with current consumer demand across value, nutrition, convenience, and elevated taste.

The proceeds of the Term Loan were used to repay in full all outstanding obligations under the Company's existing credit agreement with Frontwell. In connection with the refinancing, the Frontwell credit agreement, including the related forbearance arrangements previously disclosed by the Company, was terminated, all control arrangements over the Company's deposit accounts in favor of Frontwell were released, and the engagement of the Company's Chief Restructuring Officer was terminated.

The Term Loan bears interest at 12% per annum, matures on April 27, 2031, and amortizes in 48 monthly installments commencing May 1, 2027. No cash interest is payable during the first twelve months, ...