TORONTO, May 24, 2017 /CNW/ - Acasta Enterprises Inc. (TSX: AEF and AEF.WT) ("Acasta") has closed its previously announced US$150 million credit facility. Details regarding the credit facility can be found in the credit agreement and Acasta's material change report on the SEDAR website at www.sedar.com.
The US$150 million facility will be used by Acasta in part to seed invest US$100 million in the Stelloan Senior Loan Fund to be raised by Stellwagen, Acasta's aviation finance subsidiary. The Stelloan fund is targeted at US$1 billion and will complement the CDN $1.7 billion fund that is managed by ECN, the company that is to be acquired by Stellwagen, as recently announced. Together, these two funds will constitute the foundation of Stellwagen's fund management business.
About Acasta Enterprises Inc.
Acasta Enterprises Inc. is a leading Canadian public company that acquires businesses with exceptional potential for value creation through strategic and transformational initiatives. As a proactive private equity manager, Acasta partners with the senior management teams of its acquired businesses, empowering them to pursue value creating trajectories.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Acasta's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on Acasta's expectations, estimates, forecasts and projections and include, without limitation, that Stellwagen will raise the Stelloan Senior Loan Fund.
The forward-looking statements in this news release are based on certain assumptions, including without limitation, that Acasta's future objectives and strategies to achieve those objectives will not change, as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in Acasta's annual information form for the fiscal year ended December 31, 2016, a copy of which is available on the SEDAR website at www.sedar.com under Acasta's profile. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Acasta assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Acasta Enterprises Inc.
For further information: Acasta Enterprises Inc., Ian Kidson, 647-725-6707, Chief Financial Officer and Chief Operating Officer