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TORONTO, June 30, 2015 /CNW/ - Tricon Capital Group Inc. ("Tricon" or the "Company") (TSX:TCN), a principal investor and asset manager focused on the residential real estate industry, announced today that it has increased its corporate revolving credit facility to US$235 million from US$175 million with RBC Capital Markets serving as Lead Arranger, Sole Bookrunner and Administrative Agent. The facility includes a syndicate of lenders comprised of Royal Bank of Canada, The Toronto-Dominion Bank, Bank of Montreal, National Bank of Canada, JPMorgan Chase Bank, Alberta Treasury Branches, Raymond James Bank, Canadian Western Bank and Laurentian Bank of Canada. The credit facility may be increased to US$275 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. As of March 31, 2015, US$68.8 million was drawn under this facility.
"We appreciate the continuing support from our lender group," stated Gary Berman, Tricon's Chief Executive Officer. "As a diversified residential real estate platform, Tricon continues to see a broad range of exciting opportunities across its business verticals. Our increased credit facility gives us additional financial flexibility to pursue our growth objectives over the short and long term."
About Tricon Capital Group Inc.
Tricon is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $2.4 billion (C$3.0 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, and manufactured housing communities. 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 its inception in 1988, Tricon has invested in real estate and development projects valued at approximately $15 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 Executive Officer, Tel: 416-928-4122, Email: firstname.lastname@example.org; Wissam Francis, Executive Vice President - Corporate Finance, Tel: 416-323-2484, Email: email@example.com