Business
Supremex secures new three years $40 million credit facility
MONTREAL , Aug. 18, 2014 /CNW Telbec/ - Supremex Inc., Canada's leading manufacturer an...
About this update from Supremex Inc.
[{"type":"text","content":"\n\nMONTREAL, Aug. 18, 2014 /CNW Telbec/ - Supremex Inc., Canada's leading manufacturer and marketer of a broad range of stock and custom-manufactured envelopes and growing provider of packaging and related products (TSX: SXP), today announced a new $40 million credit facility with HSBC Bank Canada. The three-year facility consists of a $15 million operating facility and a $25 million non-revolving term loan. \n\nStewart Emerson, President and Chief Operating Officer of Supremex, stated: \"This credit facility, which replaces the company's previous syndicated facility, provides us with improved covenants, greater flexibility and the opportunity to reduce our borrowing costs. The terms of this credit facility reflect the Company's improved financial performance, positive business outlook and ability to generate significant free cash flow.\"\n\nYear-to-date, Supremex reduced its net debt by $7.3 million and currently has a net debt to trailing twelve-month EBITDA ratio of 1.2 times, as of June 30, 2014. \n\nForward-Looking StatementsThis press release contains \"forward-looking statements\" within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the EBITDA projection, future performance of Supremex and similar statements concerning anticipated future results, circumstances, performance or expectations. A statement is forward-looking when it uses what Supremex knows and expects today to make a statement about the future. Forward-looking statements may include words such as anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek, should, strive, target and will. These statements relate to future events or future performance and reflect current assumptions, expectations and estimates of management regarding growth, results of operations, performance, business prospects and opportunities, Canadian economic environment and liability to attract and retain customers. Such forward-looking statements reflect current assumptions, expectations and estimates of management and are based on information currently available to Supremex as at the date of this press release. \n\nForward-looking statements are subject to certain risks and uncertainties, and should not be read as guarantees of future performance or results and actual results may dif...