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AutoCanada Announces Credit Facility Amendment
AutoCanada Announces Credit Facility Amendment Canada NewsWire EDMONTON, July 29...
About this update from Autocanada Inc.
[{"type":"text","content":"\n\n\n\nAutoCanada Announces Credit Facility Amendment\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nEDMONTON, July 29, 2019\n\n\n\nEDMONTON, July 29, 2019 /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that its lenders under the Company's syndicated credit facility have agreed to extend the previously granted increase to the Company's maximum permitted Total Funded Debt to EBITDA ratio from 4.00:1.00 to 4.50:1.00 for the period from July 1, 2019 to March 31, 2020. After March 31, 2020, the Company's maximum permitted Total Funded Debt to EBITDA Ratio will be 4.00:1.00.\n\n \n \n\n \nAbout AutoCanada\nAutoCanada, a leading North American multi-location automobile dealership group currently operating 65 franchised dealerships, comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo, Toyota, Lincoln and Honda branded vehicles. In 2018, our dealerships sold approximately 66,000 vehicles and processed approximately 915,000 service and collision repair orders in our 1,157 service bays generating revenue in excess of C$3 billion.\nForward Looking Statements\nCertain statements contained in this press release are forward‑looking statements and information (collectively \"forward‑looking statements\"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these forward‑looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phr...