Pivotree Inc. ("Pivotree" or the "Company"), a leading global commerce and master data management ("MDM") services provider, today announced the early retirement of its $9.0 million term facilty ("Credit Facilty") with Beedie Investments Ltd. ("Beedie Capital") of which 100% was drawn.

The Credit Facilty was entered into on February 14, 2020 and charged a 9% per annum cash interest, calculated monthly, and 3% of payment-in-kind interest, compounded quarterly and added to the outstanding amount of the Credit Facility. The Credit Facility was set to mature on February 14, 2024. The total payout to retire the Credit Agreement was $10.3 million and includes accrued interest, early termination, and closing fees. The early termination fee includes a $0.4 million negotiated saving.

Mo Ashoor, CFO of Pivotree, said, "We are pleased to have landed an agreement with the support of our partners and shareholders at Beedie Capital, to an early retirement of the Credit Agreement, resulting in improved monthly cash flows and savings to the business. With the recent completion of our IPO raising gross proceeds of $69 million, Pivotree is in a strong financial position to execute on its growth strategy at a lower cost of capital going forward."