On May 26, 2023, Martello Technologies Group Inc. announced the extension of debt agreements with Vistara Technology Growth Fund III Limited Partnership and Wesley Clover International (“WCI”).
Vistara Term Loan Extension
On April 27, 2020, Martello entered a term credit facility with Vistara where Vistara provided a US $8 million subordinated secured term loan repayable within 36 months of closing, being May 28, 2023. To date, Martello has paid down US $3.21 million, with US $4.79 million outstanding. Martello has secured a 120-day extension with the outstanding portion of the loan now due September 28, 2023.
WCI Subordinate Loan
On August 23, 2022, Martello, through WCI, agreed to a US $1.5 million subordinate loan with terms stating that interest is to accrue at US Prime plus 8.75% during the term of the loan and is to be paid at loan maturity, being May 28, 2023. Martello used the WCI subordinate loan to pay down the Vistara term loan. WCI has agreed to extend their loan under the same terms to May 24, 2024, and extend an additional US $792,030 under the same terms for payment of the Vistara term loan.
Cassels is acting for Martello.