Farmers Edge Inc, a pure-play digital agriculture firm, said on Wednesday that it had entered into an amendment to its secured credit facility with Fairfax Financial Holdings Ltd.
The credit facility was increased by $6.37 million to a principal amount of $81.37 million, Farmers Edge said.
The increased amount is being extended on the same terms as the underlying credit agreement, including deferred interest at a rate of 6% per year and a maturity date of January 31st 2025.
The transaction was unanimously approved by the independent directors of the board of Farmers Edge, the company said.
“We deeply appreciate Fairfax’s collaboration and support in extending and expanding our credit facility during this transformative phase of our journey,” Vibhore Arora, Chief Executive Officer of Farmers Edge, said in a press release.
The company said it intended to use the net proceeds of the facility for working capital and general corporate purposes.