Business
Boyd Group Services Inc. Enhances Financial Flexibility And Facilitates Future Growth
Boyd Group Services Inc. Enhances Financial Flexibility And Facilitates Future Growth ...
About this update from Boyd Group Services Inc
[{"type":"text","content":"\n\n\n\nBoyd Group Services Inc. Enhances Financial Flexibility And Facilitates Future Growth\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, March 18, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n WINNIPEG, March 18, 2020 /CNW/ - Boyd Group Services Inc. (TSX: BYD) (\"BGSI\", \"the Boyd Group\" or \"Boyd\") today announced that it has increased and extended its existing revolving credit facility to US$550 million, with an accordion feature which can increase the facility to a maximum of US$825 million (the \"Facility\").  This is accompanied by the addition of a new seven-year fixed-rate Term Loan A in the amount of US$125 million (the \"Term Loan\"). The Facility will mature in March 2025 and the Term Loan in March 2027.\n\"This amended credit facility provides more favorable pricing and increases our financial flexibility,\" said Pat Pathipati, Executive Vice President and Chief Financial Officer of the Boyd Group. \"Additionally, the seven-year fixed-rate Term Loan financing takes advantage of a historically low interest rate environment.  These financing arrangements, along with our strong balance sheet, will enable us to continue executing our growth strategy and building shareholder value.\"\nThe lending institutions participating in the Facility include The Toronto-Dominion Bank as lead arranger, Bank of America, National Bank of Canada, The Bank of Nova Scotia, and Canadian Imperial Bank of Commerce. The Term Loan is provided through TD Bank, N.A.\nAbout Boyd Group Services Inc.Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc. shares on the Toronto Stock Exchange (TSX) under the symbol BYD. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at http://www.boydgroup.com\nAbout The Boyd Group Inc.The Boyd Group Inc. (the \"Company\") is one of the largest operators of non-franchised collision repair centres in ...