The banks participating in the new credit agreement are Canadian Imperial Bank of Commerce (CIBC), HSBC Bank Canada, and National Bank of Canada. The amount available under the revolving credit facility can be increased by up to $50m upon the agreement of existing or additional lenders.
The new revolving credit facility will be used for general corporate purposes, including funding acquisitions and the construction of new stores, the company said.
CIBC acted as lead arranger and book runner for the facility and will serve as the administrative and security agent for the syndicate of lenders. The new credit agreement contains certain terms and conditions which differ from the Company’s prior credit agreement, including more favourable interest rates for Liquor Stores as well as new financial covenants relative to defined levels of the company’s debt to Ebitda.
Source: Liquor Stores
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