Mr. Dan Matlow reports
VITALHUB CORP. ANNOUNCES EARLY REDEMPTION OF $2,219,000 OUTSTANDING DEBENTURES & NEW DEBT FINANCING
Vitalhub Corp. has redeemed in full the $2,219,000 aggregate principal amount of outstanding unsecured debentures of the company issued Dec. 7, 2017. The debentures bore interest from the date of issue at 12.0 per cent per annum, and were payable semi-annually in arrears. The debentures were set to mature on Dec. 7, 2020, three years after the date of issue. The company paid a total of $2,396,520, representing the sum of the outstanding principal amount of debentures, plus accrued and unpaid interest to date, plus a 5-per-cent redemption premium (in accordance with the terms of the debentures). The early repayment of the debentures represents a cost saving of $204,148, versus repaying the debentures on maturity.
The company is also pleased to announce it has signed a revised credit agreement with the company's current institutional lender and banking provider, for a non-revolving credit facility of up to $1.4-million. The credit facility is for a term of 60 months, with interest on the balance outstanding of the institutional prime rate plus 2.0 per cent, and is repayable at any time by the company.
"We are happy that the company has graduated to the availability of credit from traditional banking sources, which in turn should benefit the company going forward with more favourable credit arrangements," said Dan Matlow, chief executive officer of Vitalhub.
About Vitalhub Corp.
Vitalhub develops mission-critical technology solutions for health and human services providers in the mental health (child through adult), long-term care, community health service, home health, social service and acute care sectors. VitalHub technologies include blockchain, mobile, patient flow, web-based assessment and electronic health record solutions.
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