Boardwalktech Software Corp., a “leading digital ledger platform” and enterprise software solutions company, is partnering with SQN Venture Income Fund to “amend and extend the loan facility currently in place with Boardwalktech Software Corp,” according to a press release.
This loan was put in place on June 30 of this year.
This amendment includes the following changes:
- Extension of the interest-only period through August 31, 2020;
- Extension of the maturity date of the loan to August 1, 2022; and,
- Agreement that the Company will use best efforts to prepay another $250,000 (USD) of principal before September 2020, dependent on market conditions and forecasted cash levels through the end of the fiscal year, for which SQN has agreed to waive any prepay fees associated with such early payments.
Speaking on the matter is Andrew T. Duncan, the CEO of Boardwalktech, who had said:
“Since the last amendment June 2019, the Company has reduced the principal on its SQN loan by $1.5 Million (USD), through a combination of previously announced debt-to-equity conversions (on February 28,2020) along with other prepayments. These efforts reflect Boardwalktech’s proactive, voluntary efforts to reduce its debt levels and retire such debt before maturity, in order to improve its balance sheet.”
All terms are subject to the approval of the TSX Venture Exchange, the release notes.