Mr. Jonathan Ross reports
PEOPLE CORPORATION EXPANDS SENIOR CREDIT FACILITY TO $125 MILLION, WITH OPTION TO INCREASE TO $175 MILLION
People Corp. has amended and increased its bank credit facility to $125-million in committed credit availability (from $93-million), with an option, subject to the satisfaction of certain terms and conditions, to increase the facility by an additional $50-million, to a total of $175-million over all. In addition, the facility's term has been extended to June 1, 2022, the number of lenders in the syndicate has been increased, and improvements in other terms have been achieved, including lower borrowing costs and greater flexibility.
Dennis Stewner, chief financial officer and chief operating officer of People, commented: "People Corp. has a history of solid organic growth, as well as strategic acquisition activity. This facility improves our financial flexibility and enhances our ability to invest in our growth strategy. We are very pleased with the ongoing strong support provided by our senior lenders."
About People Corp.
People is a national provider of group benefits, group retirement and human resource services. The company has offices across Canada, each led by a team of experts and backed by the resources of a national company that is traded on the TSX Venture Exchange. The company's industry experts provide uniquely valuable insight while customizing an innovative suite of services to the specific needs of its clients. Whatever your sector, whatever your scale, putting People's expertise and proven record to work will make a difference to your people and your bottom line.
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