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Bridgemarq extends maturity of credit facilities through December 31, 2026
Bridgemarq extends maturity of credit facilities through December 31, 2026 Canada NewsW...
About this update from Bridgemarq Real Estate Services, Inc.
[{"type":"text","content":"\n \n \n \n Bridgemarq extends maturity of credit facilities through December 31, 2026\n \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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 31, 2023\n \n \n /CNW/ - Bridgemarq Real Estate Services Inc. (\"Bridgemarq\" or the \"Company\") (TSX: BRE) today announced an amendment to its debt facilities with the Canadian Imperial Bank of Commerce (the \"Debt Facilities\"). The significant changes to the Debt Facilities include:\n \n \n \n The maturity date of the Debt Facilities has been extended from\n \n December 31, 2023\n \n , to\n \n December 31, 2026\n \n , providing the Company certainty over its borrowings for at least three more years;\n \n \n The Company's borrowing capacity has been increased from\n \n $80 million\n \n to\n \n $90 million\n \n through a\n \n $10 million\n \n increase in the Company's revolving acquisition facility; and\n \n \n Effective\n \n January 1, 2024\n \n , interest rates charged to the Company will increase by 0.3%, from CDOR + 1.7% to CDOR + 2.0% for bankers' acceptance-based borrowings, and prime rate + 0.5% to prime rate + 0.8% for prime rate borrowings.\n \n \n \n There were no changes to the security provided by the Company under the debt facilities nor were there any changes in the financial covenants under the facility.\n \n \n For a full description of the company's Debt Facilities, see the Annual Information Form for the year ended\n \n December 31, 2022\n \n , or the Company's Annual Report, which are available on the Company's website at\n \n www.bridgemarq.com\n \n and on SEDAR at\n \n www.sedar.com\n \n .\n \n \n \n FORWARD-LOOKING STATEMENTS\n \n \n \n This news release contains forward-looking information and other \"forward-looking stateme...