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FRANKLIN, INDIANA - IBC Advanced Alloys Corp. (TSX-V:IB)(OTCQB:IAALF), a small-cap manufacturer with a market capitalization of $7.39 million, announced Tuesday that its U.S. subsidiaries have amended their credit agreement with Iron Horse Credit, LLC, extending the maturity date to September 30, 2026.
Under the amendment, Iron Horse will provide advance purchase funding based on the sale of the subsidiaries’ accounts receivable, over which the lender has been granted a security interest. The revised agreement will accrue interest at a rate of SOFR plus 6% per annum on outstanding amounts, with interest compounded and payable monthly.
The company stated it has used the additional funding to pay all outstanding amounts owed under its credit facility with Sallyport Commercial Finance, LLC.
The amendment remains subject to approval from the TSX Venture Exchange.
IBC Advanced Alloys manufactures and distributes copper alloys, including beryllium copper, chrome copper, and aluminum bronze at its vertically integrated production facility in Franklin, Indiana. The company serves industries including defense, aerospace, automotive, telecommunications, and precision manufacturing.
This article is based on information provided in a company press release.
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