FLYHT gets credit boost, eyes growth opportunities
FLYHT Aerospace Solutions Ltd. has announced that it has amended its operating demand loan (Line of Credit) with a Canadian chartered bank to increase its borrowing availability to $1.5 million from $250,000.
Proceeds from the Line of Credit will be used to support short-term cash needs from increasing trade receivables and inventory requirements from growing sales.
The Line of Credit will continue to bear interest at Canadian chartered bank prime plus 1.5%.
Security includes specific accounts receivable, a guarantee under the Export Development Canada’s (EDC) Export Guarantee Fund and a general security agreement including a security interest in all personal property. This amendment will release the GIC of $250,000 previously pledged as security.
‘’EDC’s focus is to support Canadian companies whose capital needs are predicated on export transactions,’’ said Mark Livingston, regional vice president, Western Region, EDC. “With a significant portion of its revenue derived from emerging market opportunities outside of North America, FLYHT is a great example of a company with a successful international growth strategy. We are pleased to provide additional capacity that will continue to support the company’s global sales and corresponding needs for growth capital.”