© daniel schweinert dreamstime.com Electronics Production | January 31, 2013
Incap gets financing arrangement
Incap Corporation has finalised the financing negotiations with a Finnish bank and withdrawn a half of the loan of EUR 1.5 million granted to the company.
The remaining loan instalment can be withdrawn by 29 July 2013 after a separate confirmation given by the bank. Besides standard conditions the loan contract includes the same covenants than the other loans granted by the bank. Incap is using the loan to strengthen its working capital. In addition to the loan the company has further agreed with the financiers upon other financing arrangements, based on which EUR 450,000 was released to the company. As a result of the loan and other financing arrangements Incap's cash in hand was increased by EUR 1.2 million. The company has further, on 28 January 2013, received from the bank a written confirmation that the bank will not exercise its right to terminate the loans, credit lines and factoring credit lines granted by the bank even though their covenants were not met on 31 December 2012. The next testing of the covenants is due to take place on 30 June 2013.