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| Home : Founders Advantage Capital Corp. Announces New Credit Facility |
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Jul 20
2016 |
Founders Advantage Capital Corp. Announces New Credit Facility |
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CALGARY, ALBERTA--(Marketwired - July 19, 2016) - Founders Advantage Capital Corp. (TSX VENTURE:FCF) (the "Corporation") is pleased to announce that it has entered into a commitment letter (the "Commitment Letter") with Alberta Treasury Branches ("ATB") wherein ATB has agreed to provide the Corporation a new $22 million credit facility comprised of a $17 million revolving facility ("Facility A") and a $5 million non-revolving facility ("Facility B"). The borrowings from Facility A and Facility B will be used to: (i) repay the Corporation's existing $20 million bridge loan (the "Bridge Loan"), which was used to facilitate the Corporation's acquisition of a 60% interest in Dominion Lending Centres ("DLC"); and (ii) for working capital and general corporate purposes. Facility A and Facility B bear interest at a floating rate equal to the Prime Rate as set by ATB from time to time plus a margin of 3.00%-3.75% (initially 3.00%) and mature on the earlier of the date on which repayment is demanded by ATB or December 31, 2016. The ATB facilities are secured by a pledge of the Corporation's interest in DLC as well as a general security agreement over all of the Corporation's assets. A copy of the Commitment Letter will be filed by the Corporation on SEDAR. |
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| Source:http://www.marketwired.com/mw/release.do?id=2143739&sourceType=3 |
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