EduFocal Limited announces $200M JMD Loan facility with Mayberry Investments Limited
EduFocal Limited (LEARN) has advised that pursuant to authorization by its Board of Directors on September 27, 2022, entered into a loan agreement with Mayberry Investments Limited as on-lender for a principal amount of $200,000,000 Jamaican Dollars (Loan Facility).
EduFocal further advised that the proceeds from the Loan Facility were received by the company on September 30, 2022 and will be used to pay related party debt, loan refinancing and for working capital and expansion purposes.
The key terms of the Loan Facility are:
- Unsecured loan facility for a principal sum of $200,000,000 Jamaican Dollars.
- The term is seven years due 2029.
- The interest rate will be at a fixed rate of 9.50% per annum for the first two years (2024) and will be variable annually thereafter subject to review by Mayberry Investments Limited per annum on the reducing balance.
- Payments will be made quarterly in an amortizing structure.
About EduFocal Limited
EduFocal Limited was incorporated in November 2010 and launched two years later on March 15, 2012. Our mission is to leverage technology to educate people inside and outside the workplace at scale.
EduFocal Limited is divided into two divisions ; Learn and Business. Learn encompasses the Company’s core business offering which is focused on providing a social learning platform that combines study with play for grades 4-6 through full-time school, EduFocal Academy and/ or extra lessons. EduFocal Business concentrates on industry specific business-to-employee and business-to- customer e-learning content and use of our propertiery e-learning platform.
On January 11, 2022, EduFocal Limited acquired a 100% stake in EduFocal LLC. On March 22, 2022, EduFocal LLC acquired the website and assets of Denver based K1 Edtech SaaS company Clever School Teacher (CST), that provides monthly curated K-1 resources and Live online professional development sessions for K1 Teachers in the United States of America.
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