NewAge, Inc. Announces New Credit Facility
NewAge, Inc. (NBEV) announced a new $12 million revolving line of credit with East West Bank, maturing in March 2024. The funds were used to pay off a $10.6 million loan under an 8.0% senior secured note. The new facility features an interest rate of Prime plus 1.75% and is interest-only until maturity. Chairman Ed Brennan highlighted that this move enhances the company's liquidity profile and successfully retires $30 million in senior secured debt related to the ARIIX acquisition.
- Secured a new $12 million revolving line of credit to improve liquidity.
- Successfully retired $30 million in senior secured debt.
- None.
SALT LAKE CITY, March 14, 2022 (GLOBE NEWSWIRE) -- NewAge, Inc. (Nasdaq: NBEV), a direct selling company with a primary focus on healthy products, today announced it has entered into a new
Ed Brennan, NewAge’s Chairman and interim Chief Executive Officer, commented, “This new credit facility with East West Bank successfully retires the
About NewAge, Inc.
NewAge is a purpose-driven company dedicated to inspiring the planet to Live Healthy™. NewAge commercializes a portfolio of healthy products worldwide primarily through a direct selling route to market distribution system across more than 50 countries. The company competes in three major category platforms including health and wellness, inner and outer beauty, and nutritional performance and weight management — through a network of exclusive independent Brand Partners, empowered with the leading social selling tools and technology available worldwide. More information on the Company can be found at NewAgeGroup.com.
Forward Looking Statements
This press release contains forward-looking statements that are made under the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's expectations regarding future results of operations, economic performance, and financial condition. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable, but there is no assurance they will prove to be accurate. Forward-looking statements, specifically those concerning future plans relating to stock price including a potential reverse stock split, are subject to certain risks and uncertainties, and actual results may differ materially. NewAge competes in a rapidly growing and transforming industry, and risk factors, including those disclosed in the Company's filings with the Securities and Exchange Commission, might affect the Company's operations. Unless required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.
Contact:
Investors
NewAge, Inc.
Lisa Mueller
VP, Investor Relations
ir@newage.com
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