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Entourage Health updates senior secured amended and restated credit facility

Grow Opportunity, Media Partners

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(Globe Newswire) Toronto — Entourage Health Corp., a Canadian producer and distributor of award-winning cannabis products confirmed today it has signed an amendment to its senior secured amended and restated credit facility entered into on October 28, 2022.

The amendment provides a waiver to the breach of certain financial covenants for the period ended September 30, 2022 and modifies certain of the financial covenants set out in the credit facility. Specifically, the EBITDA target covenant was modified to reflect the company’s updated strategic plan as announced by the company on November 15, 2022.

Additionally, the liquidity covenant was amended to provide that the company must maintain liquidity coverage of not less than $5 million at all times. The amendment also requires additional security in the form of $2 million to be maintained in a blocked account held by the senior lender, to be applied against the credit facility in certain events.

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