Commercial Consolidators Secures US$9.5 million Financing Package.Business Editors TORONTO--(BUSINESS WIRE)--Dec. 30, 1999 Commercial Consolidators Corp. (CDNX CDNX See Canadian Venture Exchange (CDNX). :CCZ CCZ Cyber Condition Zebra (Washington Naval Yard) CCZ Command and Control Zone CCZ Carlet-Charpin-Zinoviev (Equivalence Relation of Functions) )(FRANKFURT:CJ9), a leading assembler and distributor of consumer electronics, business equipment and supplies, and construction technology/materials to Cuba and Latin America, has secured a $9.5 million United States currency debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay package from Caribbean Finance Investments Ltd. ("Carifin"). Carifin is a joint venture owned by the United Kingdom government operated Commonwealth Development Corporation ("CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation ") and the Republic of Cuba government operated New Bank Group that provides short term financial support and working capital to commercial businesses operating in Cuba. Carifin is financed primarily through a line of credit from CDC and various private sector lines of credit. A credit line of up to US$6 million has been secured for financing orders from certain customers at a rate of 18% per annum. An additional credit line of up to US$3.5 million has been secured for advancing funds against key customer invoices at a rate of 11% per annum. Certain standard commitment fees and commissions are payable to Carifin. "We're excited to have the backing of such a strong financial partner", stated Michael Weingarten, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This new financing package with Carifin, in conjunction with the existing credit facility, gives the company the capital base to aggressively expand its business activity in Cuba. The anticipated reduction in our costs for financing certain key customers' accounts should have a positive impact on our bottom line." ON BEHALF OF THE BOARD OF DIRECTORS Michael Weingarten, CEO The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) Has Neither Approved Nor Disapproved The Information Contained Herein |
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