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Umami Sustainable Seafood Announces Receipt of $8.5M Debt Facility from AMERRA ...
("Umami" or "the Company"), a holding company of fish farming operations supplying sashimi-grade Northern Bluefin Tuna to the global market, announces that AMERRA Capital Management, LLC ("AMERRA"), as agent on behalf of its managed funds and accounts, has agreed to supply Umami with a loan for working capital in the amount of $8.5 million. The loan will be funded in three tranches. The first of these was provided on September 7, 2011 in the amount of $5,080,000. The second and third tranches, in the amounts of $1,150,000 and $2,150,000, respectively, will be funded upon satisfaction of certain funding conditions including Umami's delivery of additional collateral to AMERRA. In conjunction with the loan, Umami has issued warrants to purchase 500,000 shares of the Company's common stock at $1.50 per share.
The proceeds have been used for the repayment of existing $3.1 million of the Company's debt, as well as for general working capital for growth and reinforcement of the Company's infrastructure at its Baja Aqua Farms facility in Mexico. Umami acquired Baja Aqua Farms in late 2010, essentially doubling the size of the Company's operations and biomass. Umami has sought to obtain medium-term financing to further enhance its biomass growth and infrastructure. The loan bears interest at a rate equal to one-year LIBOR plus 11% p.a., and secured with certain assets owned by Umami. The notes mature beginning in November 2011 with any unpaid amounts fully due by April 2, 2012.
While working on your debt consolidation, remember to talk about the interest rate. The interest rate is almost the most important part of the deal because it goes a long way to determine how much in cash you actually get to pay back to the credit company. If you are not able to alter that, things might not change all that much. See that you include it. If your credit firm is not willing to lower the interest rate on you loan, your debt consolidation effort has not been successful. Put your back into it and have them see things in your own light. If they persist, you have the option of trying another firm out; after all, there are a lot of them out there that will debt consolidate you in a hurry anytime. The idea behind debt consolidation is to save money over the life of your loan. If you cannot manage that, you have not done too well. Try rethinking your strategy about how you want to package the deal. Sure you cannot be too greedy to save all the merits of it for yourself only; otherwise no credit firm will touch you with a ten-mile pole. Spread the love. If someone makes you an offer for debt consolidation when you don't seem to be able to find any way out of your bad debt situation, take it. Sure, it is just another way to borrow and owe again, but this time you don't owe to as many parties as before. Chances are that you never would have been able to break your debt cycle otherwise anyway. Don't hesitate.
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