STRAX selected Proventus Capital Partners and have signed a senior secured loan facility in the total amount of EUR 30 million. The loan proceeds will be paid out in two tranches, a subordinated tranche of EUR 6 million in July 2020 to provide additional working capital until the full amount is paid out in October 2020, in connection with the refinancing of the maturing loans to the German bank consortium, upon which the entire Proventus loan facility will be unsubordinated. The loan from Proventus Capital Partners is for a term of five years and the full amount is denominated in EUR. The loan will carry a Euribor +7.5% interest rate, in line with current market pricing, as well as the average financing costs currently paid. The loan is governed by covenants that are primarily profitability and cash flow based. Provided the covenants are fulfilled, the loan agreement allows yearly dividend of up to 50% of profits, allowing for expected future levels of dividends.