Mr. Frank Hennessey reports
IMVESCOR RESTAURANT GROUP ANNOUNCES NEW $35 MILLION CREDIT FACILITY
Imvescor Restaurant Group Inc. has entered into a new credit agreement with a Canadian chartered bank.
The credit agreement provides for a three-year senior secured revolving credit facility in an amount of $35-million, which maximum amount reduces quarterly by $875,000. The credit agreement contains customary operational and financial covenants. The company's annual interest expense savings are estimated to be in excess of $1-million.
A portion of the credit facility together with the company's available cash was used to repay the company's maturing term loan while the credit facility can otherwise be used for general corporate purposes.
"We are very pleased with the completion of the refinancing process, which provides us the financial flexibility to execute on our strategic plan while at the same time significantly reducing our annual interest expense," said Tania M. Clarke, chief financial officer, Imvescor Restaurant Group Inc.
The credit agreement will be available on SEDAR.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.