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Long Term Debt
 6 Months Ended
Aug. 31, 2023
Long Term Debt  
Long-term Debt

10. Long‑Term Debt

 

Long-term debt as of August 31, 2023 and February 28, 2023, was comprised of the following:

 

 

 

August 31, 2023

 

 

February 28, 2023

 

Investissement Québec financing facility:

 

 

 

 

 

 

Principal amount

 

$3,381

 

 

$3,380

 

Unamortized discount

 

 

(227)

 

 

(261)

Accrued interest

 

 

172

 

 

 

183

 

Total Investissement Québec financing facility

 

 

3,326

 

 

 

3,302

 

Less: current portion of long-term debt

 

 

(356)

 

 

(62)

Long-term debt, net of current portion

 

$2,970

 

 

$3,240

 

 

Investissement Québec financing facility

 

The Company recorded interest expense on the Investissement Québec loan for the three- and six-month periods ended August 31, 2023 in the amount of $22 and $43, respectively (2022 – $22 and $44) and an accretion expense of $18 and $36, respectively (2022 – $18 and $35). During the six-month period ended August 31, 2023, the Company made repayments of $32 (2022 – nil) on the Investissement Québec loan.

Total repayments due on the Company’s indebtedness over the next five years are as follows:

 

Years ending

 

Amount

 

February 29, 2024

 

$32

 

February 28, 2025

 

 

587

 

February 28, 2026

 

 

587

 

February 28, 2027

 

 

587

 

February 29, 2028

 

 

587

 

Thereafter

 

 

1,173

 

Total

 

$3,553

 

 

Credit facility from a Canadian bank

 

On July 26, 2022, Loop Canada, Inc., a wholly-owned subsidiary of the Company, entered into an Operating Credit Facility (the “Credit Facility”) with a Canadian bank. The Credit Facility allows for borrowings of up to $2,587 in aggregate principal amount and provides for a two-year term. The Credit Facility is secured by the Company’s Terrebonne, Québec property and is subject to a minimum equity covenant, tested quarterly with which the Company was in compliance as at August 31, 2023. All borrowings under the Credit Facility will bear interest at an annual rate equal to the bank’s Canadian prime rate plus 1.0%. The Company is subject to a guarantee of the liabilities of Loop Canada Inc. As at August 31, 2023, the Credit Facility was available and undrawn.