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EduFocal gets $200-million loan from Mayberry Investments

Education technology firm EduFocal has entered a loan agreement with Mayberry Investments.
 
The company has borrowed J$200 million from the financial institution with seven years to repay.
 
EduFocal says the loan, finalised last week, will be used to pay off debt and to refinance existing facilities.
 
The sum will also be used for working capital and expansion.
 
The loan's interest rate will be fixed at 9.5 per cent per year for the first two years.
 
The facility will then attract a variable rate of interest on the reducing balance.
 
EduFocal will repay the loan quarterly.


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