COLABOR GROUP RENEWS ITS CREDIT FACILITIES
18 Março 2011 - 3:04PM
PR Newswire (Canada)
BOUCHERVILLE, QC, March 18 /CNW/ -- BOUCHERVILLE, QC, March 18 /CNW
Telbec/ - Colabor Group Inc. (TSX: GCL) ("Colabor" or the
"Company") is pleased to announce that it has entered into an
agreement with a banking syndicate led by National Bank Financial
Inc., acting as Lead Manager and Registrar, for the refinancing of
its credit facilities. Under this agreement, Colabor will have
access, for a 5-year period, to operating credit facilities
totalling $150 million, including the possibility of a $100-million
increase in these credit facilities, subject to the lenders'
approval. The financial commitments existing under the terms of the
current agreements, which require the company to maintain a total
debt-to-EBITDA ratio of less than 3.0:1 and a minimum interest
coverage ratio of 3.5:1 over 12-month periods remain unchanged.
However, these new credit facilities will offer more flexible
financial terms, resulting from more accommodating ratios following
the completion of acquisitions. Colabor and its affiliates will
grant hypothecs on the universality of their property to the
benefit of the members of the banking syndicate to guarantee these
obligations. "These new credit facilities improve our financial
flexibility and provide us with an additional tool to implement our
growth strategy, enabling Colabor to remain at the forefront of
business opportunities to expand its product offering and market
penetration, while generating higher profit margins," said Michel
Loignon, Vice-President and Chief Financial Officer of Colabor. A
complete description of the terms and conditions of the new credit
agreement will be filed on SEDAR (www.sedar.com). ABOUT COLABOR
Colabor is a wholesaler and distributor of food and non-food
products serving the retail market (grocery stores, convenience
stores, etc.) and the foodservice market (cafeterias, restaurants,
hotels, restaurant chains, etc.) in Quebec, Ontario and the
Atlantic Provinces. FORWARD-LOOKING STATEMENTS This news release
may contain forward-looking statements reflecting the opinions or
current expectations of Colabor Group Inc. concerning its
performance and business operations and future events. These
statements are subject to risks, uncertainties and assumptions.
Actual results or events may differ. To view this news release in
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http://www.cnw.ca/en/releases/archive/March2011/18/c4444.html table
border="0" valign="top"trtdbColabor Group
Inc. /b/td tdbMaisonBri/bbson
Inc./b/td/tr trtd /td td /td/tr trtdbMichel Loignon,
CA /bbr/ Vice-President and Chief
Financial Officerbr/ Tel. 450-449-0026 ext.
235 br/ Fax
450-449-6180 br/ a
href="mailto:mloignon@colabor.com"mloignon@colabor.com/a /td
tdbMartin Goulet, CFA/bbr/ Senior Vice-President, Investor
Relationsbr/ Tel. 514-731-0000 ext. 229br/ Fax 514-731-4525br/ a
href="mailto:martin@maisonbrison.com"martin@maisonbrison.com/a/td/tr/table
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