Enthusiast Gaming expands credit facilities

Enthusiast Gaming Holdings has entered into an amended and restated commitment letter with its primary lender in relation to its term and operating credit facilities to provide up to $7.0 million of additional liquidity. The additional liquidity provided by the Amendment will be derived as follows: A $2.5 million increase of the operating facility from $5.0 million to $7.5 million; A six-month deferral on principal repayments under the term facility, providing the Company with approximately $2.0 million of additional liquidity over the principal-deferral period; and The ability to increase the limit of the operating facility by an additional $2.5 million upon the Company maintaining certain metrics relating to its borrowing base, subject to lender approval. In addition, the Amendment extends the maturity of the Facilities from December 31, 2024, to June 30, 2025. It is a condition of the Amendment that a minimum of $2.5 million of the operating facility shall be guaranteed by Export Development Canada pursuant to the terms of EDC’s standard documentation.