Business
Exchange Income Corporation Credit Facility Increased to $550 Million
Exchange Income Corporation Credit Facility Increased to $550 Million Exchange Inc...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation Credit Facility Increased to $550 Million\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\nExchange Income Corporation Credit Facility Increased to $550 Million\nCanada NewsWire\nWINNIPEG, Oct. 15, 2015\n\n\n\nWINNIPEG, Oct. 15, 2015 /CNW/ - Exchange Income Corporation (TSX: EIF), (\"EIC\" or the \"Corporation\") a diversified, acquisition-oriented company, announced today that it has entered into an amended long-term debt facility. This amendment will increase the size of the Company's existing facility to $550 million from $450 million. The tenure, terms, and pricing of the facility remain unchanged. The Bank of Montreal is joining the banking syndicate and all the current members of the syndicate, consisting of The Toronto-Dominion Bank, National Bank of Canada, Canadian Imperial Bank of Commerce, Roynat Inc., Alberta Treasury Branches, Export Development Canada and Laurentian Bank of Canada, have increased their commitment. The Toronto-Dominion Bank will continue to serve as the lead bank in the syndicate. The addition of a major Canadian bank to the syndicate as well as the increased commitment from each member of the syndicate are strong endorsements of the core strengths of EIC's diversified portfolio of operating companies and EIC's proven track record of accretive acquisitions. \n\n\"The increase in the credit facility combined with the recent $75 million share offering that closed on September 17, 2015 together with existing capacity at the end of June 30, 2015 now provide EIC with approximately $300 million in available capital,\" said Mr. Mike Pyle, CEO of EIC. \"Having access to dry powder is critical to our business model as it enables EIC to react quickly when the right opportunities arise, such as the recent acquisitions of Provincial Aerospace and Ben Machine Products. These acquisitions, combined with recent improvements in our operating subsidiaries, have led to a 14% increase in our dividend within the last year. With the completion of both the equity and debt financings, EIC is now well positioned to further execute...