$0.1167 per unit for month of June
TORONTO, June 19 /CNW/ - Sleep Country Canada Income Fund announced today
that its Board of Trustees has approved a regular cash distribution of $0.1167
per trust unit for the month of June to be paid on July 20, 2007 to unit
holders of record at the close of business on June 29, 2007.
Sleep Country Canada Inc. has completed a private placement of
$10 million 6.521% series B senior secured notes to a Canadian institutional
investor. This debt is non-amortizing and matures on June 18, 2013. The
proceeds of the note issuance will be used for continued expansion of
Dormez-vous Sleep Centres Inc. in Quebec, continued investment in Sleep
America and for general corporate purposes. Even with this new debt, Sleep
Country's debt to EBITDA ratio will remain at a conservative level. CIBC World
Markets acted as the sole agent for the private placement.
Sleep Country also increased the amount available under its existing bank
facility from $5 million to $10 million. Canadian Imperial Bank of Commerce is
the sole lender under the revolving facility.
Sleep Country Canada Income Fund is the largest retailer of mattresses in
Canada with 122 corporate owned stores in eight regional markets under the
Sleep Country banner, and 22 stores in Quebec under the Dormez-vous banner.
The Fund also owns Sleep America, the largest mattress retailer in Arizona
with 39 stores. Sleep Country was again recognized as one of Canada's 50 Best
Employers in 2007 and Sleep America was recognized as a top employer in
Arizona in 2005. Sleep Country Canada Income Fund is an open-ended limited
purpose trust that owns 100% of the voting securities of Sleep Country Canada
Inc. The Fund's units are listed on the Toronto Stock Exchange under the
For further information:
For further information: Investor Inquiries: Stephen Gunn, Chairman and
Chief Executive Officer; Vicki Jones, Chief Financial Officer and Corporate
Secretary, Tel: (416) 242-4774, Fax: (416) 242-9644,