Cambium Global Timberland Limited Announces Loan Repayment
April 13, 2021 at 02:00 am EDT
As announced on 21 December 2017, the Cambium Global Timberland Limited entered in to an unsecured loan facility agreement with the Company's shareholder Peter Gyllenhammar AB. The Company drew down £1,413,873.61 in order to enable the Group to remove outstanding mortgages over the Group's 3R Tocantins property without depleting existing cash balances. The interest rate was 6% for the first 12 months and thereafter 8%. The Company announced that it is has repaid all of the outstanding Loan and accrued interest amounting to £1,759,323.61 to PGAB. The source of the repayment funding was cash received from asset sales and the Company is now debt free.