Yangaroo Inc. Announces Amendment to Loan Agreement with National Bank of Canada
Yangaroo Inc. (TSXV: YOO, OTC Pink: YOOIF) has executed an amendment to its loan agreement with National Bank of Canada (NBC). This amendment addresses the company's previously announced non-compliance with certain financial covenants. Key points include:
1. Extension of the Term Loan expiry to June 26, 2025
2. Modification of financial covenants
3. Requirement for holders of convertible debentures to execute amended subordination agreements
4. Waiver of interest payments on convertible debentures while subordination agreements are in effect
This amendment is part of Yangaroo's strategy to manage financial obligations and improve its financial position. The company remains committed to meeting its covenants and enhancing financial performance.
Yangaroo Inc. (TSXV: YOO, OTC Pink: YOOIF) ha effettuato una modifica al suo contratto di prestito con la National Bank of Canada (NBC). Questa modifica affronta la non conformità dell'azienda precedentemente annunciata con alcuni vincoli finanziari. I punti chiave includono:
1. Estensione della scadenza del prestito a 26 Giugno 2025
2. Modifica dei vincoli finanziari
3. Necessità per i detentori di obbligazioni convertibili di firmare accordi di subordinazione modificati
4. Esenzione dai pagamenti degli interessi sulle obbligazioni convertibili mentre gli accordi di subordinazione sono in vigore
Questa modifica fa parte della strategia di Yangaroo per gestire gli obblighi finanziari e migliorare la propria posizione finanziaria. L'azienda rimane impegnata a rispettare i propri vincoli e a migliorare le performance finanziarie.
Yangaroo Inc. (TSXV: YOO, OTC Pink: YOOIF) ha ejecutado una enmienda a su contrato de préstamo con el National Bank of Canada (NBC). Esta enmienda aborda el incumplimiento previamente anunciado por la empresa de ciertos convenios financieros. Los puntos clave incluyen:
1. Extensión de la fecha de vencimiento del préstamo a 26 de junio de 2025
2. Modificación de los convenios financieros
3. Requisito para que los tenedores de debentures convertibles firmen acuerdos de subordinación enmendados
4. Exoneración de los pagos de intereses sobre debentures convertibles mientras los acuerdos de subordinación estén vigentes
Esta enmienda es parte de la estrategia de Yangaroo para gestionar sus obligaciones financieras y mejorar su posición financiera. La empresa sigue comprometida a cumplir con sus convenios y mejorar su rendimiento financiero.
Yangaroo Inc. (TSXV: YOO, OTC Pink: YOOIF)는 캐나다 국민은행(NBC)과의 대출 계약에 대한 수정 사항을 실행했습니다. 이 수정은 회사가 이전에 발표한 일부 재무 약정의 비준수를 다룹니다. 주요 사항은 다음과 같습니다:
1. 기한 대출 만료일 연장: 2025년 6월 26일
2. 재무 약정의 수정
3. 전환 사채 보유자가 수정된 종속 계약을 체결해야 할 의무
4. 종속 계약이 유효한 동안 전환 사채에 대한 이자 지급 면제
이번 수정은 Yangaroo가 재무 의무를 관리하고 재무 상태를 개선하기 위한 전략의 일환입니다. 회사는 약정을 준수하고 재무 성과를 향상시키기 위해 계속 노력하고 있습니다.
Yangaroo Inc. (TSXV: YOO, OTC Pink: YOOIF) a exécuté un amendement à son accord de prêt avec la Banque nationale du Canada (NBC). Cet amendement traite du non-respect des engagements financiers précédemment annoncés par l'entreprise. Les points clés incluent :
1. Prolongation de l'échéance du prêt à 26 juin 2025
2. Modifications des engagements financiers
3. Exigence pour les détenteurs d'obligations convertibles de signer des accords de subordination amendés
4. Exonération des paiements d'intérêts sur les obligations convertibles tant que les accords de subordination sont en vigueur
Cet amendement fait partie de la stratégie de Yangaroo pour gérer ses obligations financières et améliorer sa situation financière. L'entreprise reste déterminée à respecter ses engagements et à renforcer sa performance financière.
Yangaroo Inc. (TSXV: YOO, OTC Pink: YOOIF) hat eine Änderung seines Darlehensvertrags mit der National Bank of Canada (NBC) vollzogen. Diese Änderung befasst sich mit der zuvor bekannt gegebenen Nichteinhaltung bestimmter finanzieller Verpflichtungen durch das Unternehmen. Die wichtigsten Punkte umfassen:
1. Verlängerung der Laufzeit des Darlehens bis 26. Juni 2025
2. Anpassung der finanziellen Verpflichtungen
3. Anforderung an die Inhaber von wandelbaren Anleihen, geänderte Nachrangverträge zu unterzeichnen
4. Verzicht auf Zinszahlungen auf wandelbare Anleihen, solange die Nachrangverträge in Kraft sind
Diese Änderung ist Teil der Strategie von Yangaroo, um finanzielle Verpflichtungen zu managen und die finanzielle Situation zu verbessern. Das Unternehmen bleibt verpflichtet, seine Verpflichtungen einzuhalten und die finanzielle Leistung zu steigern.
- Extension of Term Loan expiry to June 26, 2025, providing more time for financial recovery
- Amendment of financial covenants, potentially easing compliance requirements
- Demonstration of lender support through agreement to amend loan terms
- Previous non-compliance with financial covenants, indicating financial stress
- Suspension of interest payments to convertible debenture holders, potentially impacting investor returns
- Requirement for additional subordination agreements, suggesting increased financial risk
Toronto, Ontario--(Newsfile Corp. - August 23, 2024) - YANGAROO Inc. (TSXV: YOO) (OTC Pink: YOOIF) (the "Company"), a software leader in media asset workflow solutions for the advertising and entertainment industries, today announced that it has executed an amending agreement (the "Amendment") to its existing loan agreement (the "Loan Agreement") dated April 20, 2021, as amended in December 2022 and again in December 2023, with National Bank of Canada ("NBC") related to all credit facilities of the Company held with NBC, including a term loan (the "Term Loan").
In a news release dated July 19, 2024, the Company had announced its non-compliance with the terms of the Term Loan and its engagement in discussions with NBC to obtain a waiver of the non-compliance related to certain financial covenants by means of an amendment to the terms of the Loan Agreement, which has now been completed by the execution of the Amendment.
Under the terms of the Amendment, in addition to the amendment of certain of the financial covenants, the term of the Term Loan has been extended and will expire on June 26, 2025.
The Amendment is part of Yangaroo's ongoing efforts to manage its financial obligations and improve its financial position. The Company remains committed to meeting its covenants and strengthening its financial performance.
The Amendment contains certain conditions, including a requirement that each holder of the unsecured convertible debentures issued by the Company in December 2022 (the "Debentures") execute an amended and restated assignment, subordination and postponement agreement (each a "Subordination Agreement", collectively the "Subordination Agreements") in favour of NBC with respect to the Debentures until any and all amounts owing by Yangaroo to NBC are repaid and each Subordination Agreement is terminated by NBC. Whereas previously the holders of Debentures were entitled to receive semi-annual interest payments, despite there being no amendment to the Debentures, the holders of the Debentures have agreed to waive their right to receive interest payments while the Subordination Agreements remain in effect.
About YANGAROO:
Yangaroo is a software leader in media asset workflow and distribution solutions for the advertising, music, and awards industries. YANGAROO's patented Digital Media Distribution System is a leading secure business-to-business cloud-based solution that incorporates production services, traffic, clearance, delivery, analytics, and secure API integration for the industry's various video and audio workflow challenges.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTC Pink: YOOIF.
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For YANGAROO Investor Inquiries:
Grant Schuetrumpf
Phone: (416) 534-0607
investors@yangaroo.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward-looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of YANGAROO, that may cause the actual results, level of activity, performance or achievements of YANGAROO to be materially different from those expressed or implied by such forward-looking statements. Although YANGAROO has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company is making forward-looking statements with respect to, including but not limited to, the Amendment and the Subordination Agreements.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause YANGAROO's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither YANGAROO assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220909
FAQ
What changes were made to Yangaroo's (YOOIF) loan agreement with National Bank of Canada?
How does the loan amendment affect Yangaroo's (YOOIF) convertible debenture holders?
Why did Yangaroo (YOOIF) need to amend its loan agreement?
