Business
Canlan enters agreement to refinance long term debt
Canlan enters agreement to refinance long term debt.
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Sept. 13 /CNW/ - Canlan Ice Sports Corp. announced today that\nit has entered into a commitment letter with HSBC Bank Canada to re-finance\nits long term debt. Canlan plans to use the funds made available under this\nsingle, non-revolving $49 million credit facility, to pay out its existing\ndebt to several other financial institutions, which come due on October 1,\n2005.\nCanlan has agreed to grant security for the loan over the eleven ice rink\nfacilities owned by it and by two of its Canadian subsidiaries. The loan has a\n3 year term and will be amortized over 15 years with blended monthly payments.\nGrant Ballantyne, President and CEO, said the Company will benefit from\nconsolidating all of its debt with one Vancouver based lender and provide a\nfoundation for future growth. The new financing arrangements will provide\nimproved cash flow for Canlan to help offset the seasonality of its annual\ncash flow stream.\n\nCanlan Ice Sport Corp. is the largest private sector operator of\nrecreational ice facilities in North America with 53 ice surfaces at 19\nfacilities owned and/or managed in Canada and United States. Through the Adult\nSafe Hockey League, Canlan operates the largest adult recreational hockey\nleague in North America with more than 37,000 players and offers a variety of\nother programs including youth leagues, hockey and figure skating academies\nand tournaments.\nCanlan is listed on the Toronto Stock Exchange under the symbol \"ISE\"\n\n\n","length":1544,"tagName":"div"}]