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Crown Capital Partners Inc. Announces Closing of a Subordinated Debt Agreement with Petrowest Corporation
Crown Capital Partners Inc. Announces Closing of a Subordinated Debt Agreement with Petrow...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Partners Inc. Announces Closing of a Subordinated Debt Agreement with Petrowest Corporation\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\nCrown Capital Partners Inc. Announces Closing of a Subordinated Debt Agreement with Petrowest Corporation\nCanada NewsWire\nCALGARY, Sept. 29, 2015\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/\n\n\n\nCALGARY, Sept. 29, 2015 /CNW/ - Crown Capital Partners Inc. (\"Crown\") (TSX: CRN) today announced the closing of a subordinated debt agreement (the \"Agreement\") with Petrowest Corporation (\"Petrowest\") (TSX: PRW).\n\nThe Agreement provides for a $15 million term loan to Petrowest by Crown Capital Fund IV, LP (\"Crown IV LP\"), an investment fund managed by Crown and in which Crown holds a 50% interest. The term loan bears a fixed interest rate of 11% per annum, compounded and payable monthly, and matures in 36 months. Petrowest has the option to prepay certain amounts within certain periods of time with or without a penalty. \n\nUnder the terms of the Agreement, Petrowest has granted to Crown IV LP 4,300,000 warrants. Each warrant entitles Crown IV LP to purchase one class A common share in the capital of Petrowest at an exercise price of $0.40 for a period of five years. \n\nPetrowest is an Alberta corporation involved in both industrial and civil infrastructure projects, as well as pre-drilling and post-completion energy services, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in northwestern Alberta and northeastern British Columbia.\n\n\"Crown is pleased to provide Petrowest with additional financial flexibility at a time when Petrowest is poised to take advantage of increased development activity in British Columbia. Based on past experience working with Petrowest, we have great respect for Petrowest's management and are confident in their ability to continue to grow the company\" says Chris Johnson, President and CEO of Crown. \n\n...