Chicago, Oct. 8 – Douglas Machines Buyer, Inc. issued $15 million of senior secured notes to CNL Strategic Capital LLC as part of an acquisition by CNL of Douglas, according to an 8-K filing with the Securities and Exchange Commission.
The notes have a 15% coupon and a maturity date in October 2028.
The note purchase agreement was made through wholly-owned subsidiary DM Strategic Capital DebtCo, LLC as a debt investment in Douglas.
The notes can be repurchased for the first year at 106, before the end of the second year at 104, before the end of the third year at 102 and starting with the third anniversary at par.
CNL, based out of Orlando, Fla. provides income by acquiring equity stakes in combination with loan positions.
Founded in 1979 and headquartered in Clearwater, Fla., Douglas is a manufacturer of innovative and customizable commercial cleaning and sanitizing equipment to the food, pet food, nutraceutical and industrial end markets in the United States.
| Issuer: | Douglas Machines Buyer, Inc.
|
| Guarantor: | Douglas Machines Holdings, LLC
|
| Issue: | Senior notes
|
| Amount: | $15 million
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| Maturity: | October 2028
|
| Agent: | DM Strategic Capital DebtCo, LLC
|
| Coupon: | 15%
|
| Call features: | 106 for year one, 104 for year two, 102 for year three, par thereafter
|
| Trade date: | Oct. 7
|
| Distribution: | Private
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