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Rocky Mountain Dealerships Inc. (TSX: RME, OTCQX: RCKXF) announces completion of amended syndicated credit facility
Rocky Mountain Dealerships Inc. (TSX: RME, OTCQX: RCKXF) announces completion of amended s...
About this update from Roland Mineral Enterprises Corp.
[{"type":"text","content":"\n\n\n\nRocky Mountain Dealerships Inc. (TSX: RME, OTCQX: RCKXF) announces completion of amended syndicated credit facility\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\nRocky Mountain Dealerships Inc. (TSX: RME, OTCQX: RCKXF) announces completion of amended syndicated credit facility\nCanada NewsWire\nCALGARY, Sept. 24, 2015\n\n\n\nCALGARY, Sept. 24, 2015 /CNW/ - Rocky Mountain Dealerships Inc. (\"Rocky\") announced today that it has upsized and amended its syndicated credit facility (the \"Credit Facility\"), consolidating several sub-facilities into three general lines. The amendment also re-terms the amortizing debt, reducing future scheduled debt repayments.\n\nCanadian Imperial Bank of Commerce (\"CIBC\") and HSBC Bank Canada acted as Co-Lead Arrangers and Joint Bookrunners on the Credit Facility, with CIBC acting as Administrative Agent.  The Bank of Nova Scotia (\"BNS\"), Rabobank Nederland Canadian Branch (\"Rabobank\"), De Lage Landen Financial Services Canada Inc. and Alberta Treasury Branches continue to participate in the syndicate, with BNS now acting as Syndication Agent and Rabobank acting as Documentation Agent.\n\nThe Credit Facility was upsized to $270 million and provides Rocky with a $70 million operating facility, a $125 million flooring facility, and a $75 million revolving term facility, with the availability of an additional $50 million \"accordion\" feature.  Among the amendments made to the Credit Facility are the inclusion of an interest-only period of 6 months on the term debt and an extension of the amortization period of the term debt to seven years. \n\nCommenting on the amended Credit Facility, David Ascott, Chief Financial Officer of Rocky, said, \"We appreciate the continued support of our lenders and the enhancements to our Credit Facility.  The amendments to the Credit Facility will allow Rocky to better manage the current economic conditions associated with the low end of the equipment demand cycle and the flexibility to de-lever our balance sheet in future periods.  The extended amortization period will al...