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Crown Capital Announces New Credit Facility for Crown Partners Fund
Crown Capital Announces New Credit Facility for Crown Partners Fund Canada NewsWir...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Announces New Credit Facility for Crown Partners Fund\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\nCALGARY, Feb. 7, 2019\n\n\n\nCompany also announces extension of maturity date on current corporate credit facility\n CALGARY, Feb. 7, 2019 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that Crown Capital Partner Funding, LP (\"Crown Partners Fund\" or the \"Fund\") has entered into an agreement for a $25.0 million senior secured revolving credit facility (\"Credit Facility\") with Alberta Treasury Branches (\"ATB\"). Crown Partners Fund is the primary vehicle through which Crown provides event-driven financing solutions to mid-market businesses.  The Fund currently has 13 loans outstanding totaling approximately $201 million. \n\"This new credit facility represents another important capital development milestone for Crown, giving us additional capacity to support the growth of this special situations portfolio while managing fund flows more efficiently,\" said Chris Johnson, Crown's President & CEO. \"We appreciate the continued support of ATB and are pleased to broaden our relationship with them. We anticipate increasing this credit facility over time as we continue to build the investment portfolio.\"\nIn 2018, Crown announced several amendments to Crown Partners Fund, including the extension of the investment period to the end of 2019, with provisions to further extend the investment period with the approval of limited partners, and an increase in the maximum size of the Fund to $500 million, from $300 million previously.\nThe Credit Facility provides financing at a variable interest rate based on the Bankers' Acceptance rate plus 225 bps to 325 bps and has a customary set of covenants. The Credit Facility matures in May 31, 2022 and is subject to extension annually. \nCrown also announced that it has extended the maturity of its existing $35.0 million senior secured rev...