Citadel EFT, Inc. (CDFT) Announces That It Has Received an Executed Joint Venture Agreement with CDI for 500 Million ($500,000,000 USD) Backed by Collateral Bonds
Citadel EFT, Inc. (CDFT) Announces that it has received an executed joint venture agreement with CDI for 500 Million ($500,000,000 USD) backed by Investment Grade Collateral Bonds worth in excess of 1 billion ($1,000,000,000 USD).
Oceanside, CA, February 17, 2014 --(PR.com
)-- The pledge from CDI provides Investment Grade Collateral Bonds to secure new loans for Citadel EFT Inc. and secure the previously announced loan for $200,000,000 (Two Hundred Million USD) announced on February 11, 2014. This JV agreement also irrevocably grants Citadel EFT Inc. the right to assign, transfer, grant and pledge the Investments Collateral Bonds as collateral to one or more lenders of the loans and to grant such lender a first priority, perfected security interest in the Investment Grade Collateral Bonds, including, without limitation, any and all underlying instruments and certificates representing the Investment Grade Collateral Bonds and, to the extent not prohibited by applicable law, the proceeds thereof, the distributions thereon, the profits thereof, and the rights and privileges pertaining thereto to Citadel EFT Inc.
The delivery of all certificates and bond powers executed in bank representing or evidencing the Investment Grade Collateral Bonds shall be delivered to Citadel, held by Citadel and then pledged by Citadel to the Lender in connection with the Loans and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in bank, all in form and substance satisfactory to Citadel.
A forthcoming 8k shall be filed with the Securities and Exchange Commission with all related documents to this transaction.