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TORONTO, March 2, 2015 /CNW/ - Tricon Capital Group Inc. ("Tricon" or the "Company") (TSX:TCN), an asset manager and principal investor focused on the residential real estate industry in North America, announced today that it has increased its corporate revolving credit facility to US$175 million from US$105 million with RBC Capital Markets serving as Lead Arranger, Sole Bookrunner and Administrative Agent. The facility included a syndicate of lenders comprised of Royal Bank of Canada, The Toronto-Dominion Bank, Bank of Montreal, JPMorgan Chase Bank, National Bank of Canada, Alberta Treasury Branches, Raymond James Bank, Canadian Western Bank and Laurentian Bank of Canada. The credit facility may be increased to US$200 million with the approval of the lenders. The remaining key terms of the credit facility, including pricing and a maturity date of April, 2018, remain unchanged.
"We are pleased to complete this upsize in our corporate credit facility to $175 million, which was oversubscribed," stated David Berman, Tricon's Chief Executive Officer, "this facility is an important part of our overall financing strategy emphasizing financial flexibility, moderate corporate leverage and an ability to continue to achieve our growth objectives in the short and long term."
About Tricon Capital Group Inc. (TSX:TCN)
Tricon is an asset manager and principal investor focused on the residential real estate industry in North America with approximately $2.3 billion of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities, and multi-family properties. Our business objective is to invest for investment income and capital appreciation through our Principal Investment business and to earn fee income through our Private Funds and Advisory business. Since inception in 1988, Tricon has invested in real estate and development projects valued at approximately $16 billion. More information about Tricon is available at www.triconcapital.com.
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This press release may contain forward-looking statements relating to expected future events and financial and operating results and projections of the Company, including statements regarding the Company's growth, that involve risks and uncertainties. Forward-looking information and statements are based on management's expectations, intentions and assumptions. If unknown risks arise, or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. Examples of such risks are described in the Company's continuous disclosure materials from time-to-time, as available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
SOURCE Tricon Capital Group Inc.
For further information: Gary Berman, President & Chief Operating Officer, Tel: 416-928-4122, Email: email@example.com; Wissam Francis, Executive Vice President - Corporate Finance, Tel: 416-323-2484, Email: firstname.lastname@example.org