RE:Opco Debt LevelsLooks like they issued more debt than they repaid for the 36 weeks ended May 9.... Looks like they owe the bank $24.3M + they owe EDC an additional $6.25M... So total debt is closer to $30M.... Their facility is prime plus 3.25% and the EDC loan is fixed at 4%. Looks like they borrowed the $6.25M from EDC to pay down their more expensive bank debt.
++As at May 9, 2021, the Company has drawn $24,279,000 on Credit Facility 1 and Credit Facility 2, net of cash excluding the cash balance of the Partnership (August 30, 2020 - $36,718,000).
The EDC-Guaranteed Facility bears interest at the prime rate plus 3.5%. The EDCGuaranteed Facility is a 364 day revolving term credit facility and can be extended at the Lender’s sole discretion by a further 12 months. A standby fee of 0.90% is charged on the undrawn balance of this facility. For the 36-week period ended May 9, 2021, SIR has drawn $6,250,000 million on this facility.
++As at May 9, 2021, the Company has drawn $24,279,000 on Credit Facility 1 and Credit Facility 2, net of cash excluding the cash balance of the Partnership (August 30, 2020 - $36,718,000).