EverGen Infrastructure Corp. announced that it has signed a definitive agreement with its existing lender, Roynat Capital (Roynat) and Export Development Canada (EDC) for a $31 million syndicated senior term loan. Roynat and EDC are each providing for 50% of the proceeds from the Facility.

The Facility will be used to support the upgrade and construction of EverGen's Renewable Natural Gas (RNG) facilities and provides for $15 million for refinancing of existing debt and construction at Fraser Valley Biogas (FVB) and $16 million at Net Zero Waste Abbotsford (NZWA). The company anticipates the firstadditional draw on the Facility in early-2023 to financea portion of the FVB RNG Expansion project currently under construction. The Facility is a five-year senior term loan with a 10-year amortization period and interest only payments for the first 12 months.

The Facility is secured by assets of the Company and is subject to the completion of financing terms and conditions as included in the Offer of Finance filed on SEDAR. The Facility bears interest at a rate of the Canadian Variable Rate + 3.0 to 4.0% based on achieving certain EBITDA targets.