08:39 AM EDT, 06/19/2024 (MT Newswires) -- Simply Better Brands ( SBBCF ) , an omni-channel platform focusing on plant-based foods, secured US$5 million in credit facilities with a Canadian bank for its subsidiary TRU Brands. The funds will be used to support the expansion of TRUBAR sales in the U.S., Canada and elsewhere.

The credit facilities feature rates of 1.5% per annum with letters of guarantee and 2% per annum with letters of credit. Simply Better will also incur additional fees as these credit facilities are guaranteed by Export Development Canada.

The facilities will cut the cost of capital to 3.5-4% per annum compared with the current line of credit financing arrangement that averages 15% per annum, the company said, adding that it is also working with the bank on additional credit facilities to reduce further Tru Brands' cost of capital.