iFabric obtains $2.5-million facility from Ebury

Executive Summary

• iFabric Corp. has secured a new $2.5 million unsecured trade finance facility with Ebury Partners Canada Ltd.
• The facility is designed to provide working capital for sales growth and leverage Ebury’s foreign exchange risk management tools.
• This new facility supplements an existing $12.0 million secured credit facility with a Canadian chartered bank.

Key Details

• Facility Amount: $2.5 million.
• Lender: Ebury Partners Canada Ltd.
• Facility Type: Fully unsecured trade finance facility.
• Purpose: To provide additional financial flexibility, support future growth and expansion initiatives, and manage continuing foreign currency risks using Ebury's flexible risk management tools.
• Existing Debt Context: Supplements an existing secured credit facility of up to $12.0 million with a Canadian chartered bank.
• Management Commentary: CFO Hilton Price stated the facility will finance new revenues from recently announced programs and help mitigate currency risks in a challenging foreign exchange environment.

Notable Quotes

• "We are extremely pleased to have secured this facility with Ebury. This will provide the company with an additional resource to finance the new revenues anticipated from recently announced programs and initiatives. In addition, we look forward to working with Ebury to develop ongoing strategies to mitigate our currency risks in a current foreign exchange environment that is challenging to predict," — Hilton Price, Chief Financial Officer of iFabric.