TORONTO, Aug. 4 /CNW/ - Livingston International Income Fund (TSX:
LIV.UN) announced today that its principal operating subsidiary, Livingston
International Inc., has entered into an amendment to its bank credit facility
to clarify the calculation of its borrowing base and usage of its credit
facility. Livingston's month-end draws on its credit facility, for government
remittances made on behalf of clients, are periodically in excess of its
borrowing base plus overdraft maximum. This is typically remedied days later
as client payments are received.
Under the terms of the amendment and for the remainder of 2009,
Livingston may draw on the revolving facility in excess of the borrowing base
by $25 million for the months of July through September and by $20 million for
October through December. Any such overages drawn must be repaid within five
business days. This credit facility amendment has been filed on SEDAR at
www.sedar.com and is also available from the Investor Relations section of
Livingston's Web site at www.livingstonintl.com.
In addition, by July 31, Livingston had reduced its term loan by $25
million through the Fund's June 2009 equity offering and had further repaid
$3.4 million of long-term debt, since the previous credit agreement amendment
announced in May 2009.
Livingston International Income Fund is a trust that holds the securities
of Livingston International Inc., a leading North American provider of
customs, transportation and integrated logistics services. Headquartered in
Toronto, Ontario, Livingston has approximately 2,500 employees located at some
100 key border points, seaports, airports and other strategic locations across
Canada and the United States.
Certain statements in this release may be considered forward-looking
statements, which reflect management's current beliefs and expectations and
that involve assumptions about expected future events or results that are
subject to inherent risks and uncertainties. There is significant risk that
assumptions and other forward-looking statements will not prove to be
accurate. Many factors could cause actual future results, conditions or events
to differ materially from the results or outcomes expressed, including risks
related to trade volumes, deterioration of economic conditions, currency and
interest-rate volatility, the ability to meet credit facility covenants and
borrowing limits, the continued availability of credit facilities and bonds,
pandemics and regulatory change, among others. Investors are cautioned not to
place undue reliance on assumptions or forward-looking statements.
For further information:
For further information: Dawneen MacKenzie, vice-president, public
affairs, 1-800-387-7582 ext. 3109