Tribe Property Technologies Inc. (TSX-V:TRBE) told investors it has signed a definitive loan agreement with the Technology and Innovation Banking arm of a Canadian Schedule A Bank for a senior term loan facility of up to $15 million.
The company said in a statement that the facility consists of a $3 million operating line to support its working capital requirements and an M&A facility of $7 million with an additional accordion feature of $5 million. The $15 million in non-dilutive capital carries an interest rate of prime plus 2.65% a year, it added.
"We are thrilled to announce this significant milestone for Tribe which further strengthens our commitment to strategic growth and financial stability," commented Tribe CEO Joseph Nakhla.
"Executing this financing facility is an essential piece of our M&A growth strategy as it provides us with access to non-dilutive capital which will be beneficial to our long-term capital structure, as well as aid in accelerating our growth plans."
Tribe Property Technologies is a property technology company that digitizes the traditional property management industry. Tribe's three revenue pillars are made up of software and service, transactional and digital services and partnerships revenue.
The company seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations.
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