DIRTT Secures $3.5M Standby Letter of Credit with Royal Bank of Canada

DIRTT Environmental Solutions has secured a C$3.5 million standby letter of credit from Royal Bank of Canada to support funding under its C$15.0 million BDC Facility.

The irrevocable instrument, issued in favor of Business Development Bank of Canada, allows for partial or multiple draws and is set to bolster liquidity for the company.

Management expects the arrangement to satisfy conditions tied to the term loan facility, which has a one-year initial term and automatically renews annually unless non-renewed.