NEPT - Neptune's Sprout Foods expands secured promissory notes

• Sprout Foods, a baby food and toddler snack company owned by Neptune Wellness Solutions ( NASDAQ: NEPT ), has announced an amendment to each of its existing Secured Promissory Notes to expand from US$22.5M to a maximum of US$37.5M.
• In connection with this expansion, investment funds managed by Morgan Stanley Expansion Capital have agreed to immediately commit an additional $3M under the expanded Secured Promissory Notes to Sprout.
• The additional capital will be used for the general working capital needs of Sprout and the repayment of certain existing Sprout debt payable to Neptune.
• The maturity date of Feb. 01, 2024 is consistent with the maturity date of the existing Secured Promissory Notes with Morgan Stanley and Neptune.

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