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NFI Group Announces New Credit Facility and Credit Covenant Relief
NFI Group Announces New Credit Facility and Credit Covenant Relief Canada NewsWire...
About this update from Nfi Group Inc.
[{"type":"text","content":"\n\n\n\nNFI Group Announces New Credit Facility and Credit Covenant Relief\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\n\nCanada NewsWire\nWINNIPEG, April 23, 2020\n\n\n\nAll monetary amounts in this press release are in US dollars unless otherwise noted. \n\n \n \n \n \n \n \n\n \nNFI has obtained covenant relief on the Company's existing $1.25 billion unsecured senior credit facility and entered into a new, additional $250 million unsecured, one-year liquidity facility.Although NFI believes its liquidity under its existing facility is sufficient to support current operations, the expanded credit capacity and relaxed covenants provide additional liquidity and flexibility. The Company now has total liquidity of over $475 million to navigate through the COVID-19 pandemic, if needed. WINNIPEG, April 23, 2020 /CNW/ - (TSX: NFI) NFI Group Inc. (\"NFI\" or the \"Company\") today announced it has amended its existing $1.25 billion unsecured revolving senior credit facility (the \"Revolver\"), providing meaningful covenant relief, and simultaneously entered into a new $250 million unsecured, one-year facility (the \"New Facility\").  The New Facility can be used for general corporate purposes, thereby providing additional liquidity and flexibility should it be required. \nWith respect to covenant relief, the Company's banking partners have waived compliance with the total leverage ratio and interest coverage ratio covenants under the Revolver and the New Facility for the fiscal periods up to September 28, 2020.  As of that date, compliance with relaxed covenants will resume for the term of the New Facility.\nThe terms of the credit facilities do not restrict the payment of dividends, provided the Company is in compliance with the covenants under the facilities and the dividend payments remain at the current level. Copies of the New Facility and the amendment to the Revolver, which include additional details regarding the covenants and other terms and conditions, will be posted on SEDAR in due course.\nThe Bank of Nova Scotia is the Administrative Agent fo...