VANCOUVER, CANADA, Nov. 16, 2015 /CNW/ - Avigilon Corporation ("Avigilon") (TSX: AVO), trusted provider of business intelligence and security solutions, today announced that it has increased its existing multi-tranche senior secured syndicated credit facility (the "Credit Facility") from US$200 million to US$240 million (the "Upsize"). Details of the Credit Facility were originally disclosed via news release on April 7, 2015.
The Credit Facility now includes a US$100 million multi-currency revolving acquisition facility, a US$40 million real estate term loan, and a US$100 million multi-currency revolving line of credit (the "Revolver"), which remains undrawn at this time; prior to the Upsize, the Revolver was limited to US$60 million. Other than the increase to the Revolver, all of the Credit Facility's terms and conditions remain as originally disclosed.
HSBC Bank Canada ("HSBC") acted as lead arranger, sole book runner, and administrative agent for the Credit Facility and the Upsize.
"The Upsize strengthens Avigilon by providing additional flexibility to execute our growth strategy," said Ric Leong, Avigilon's Chief Financial Officer and Senior Vice President. "We're pleased to have the support of, and wish to thank, our syndicate of lenders: HSBC, Toronto-Dominion Bank, BMO Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Business Development Bank of Canada, and Export Development Canada."
Avigilon Corporation, trusted provider of business intelligence and security solutions, develops, manufactures, and sells video analytics, network video management software and hardware, surveillance cameras, and access control products.
© 2015, Avigilon Corporation. AVIGILON and the AVIGILON logo are trademarks of Avigilon Corporation.
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Certain information and statements in this news release contain and constitute forward-looking information or forward-looking statements as defined under applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements normally contain words like 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing' and similar expressions, and within this news release include any statements (express or implied) respecting: the ongoing ability of Avigilon to access the funds under the Credit Facility, the intended uses of the funds available under the Credit Facility and the future growth of Avigilon. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable and appropriate in the circumstances. The material expectations, assumptions and other factors used in developing the forward-looking statements set out herein include or relate to the following, without limitation: Avigilon will, on an ongoing basis, remain in good standing under the terms of the Credit Facility; and Avigilon will be able to successfully execute its mission, strategies and objectives.
Although management believes that the forward-looking statements are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Avigilon's business, as more particularly described in the "Risk Factors" section of Avigilon's Annual Information Form dated March 3, 2015, which is available under Avigilon's profile on SEDAR at www.sedar.com. Material risks and uncertainties applicable to the forward looking statements set out herein include, but are not limited to, unforeseen events, developments or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Although Avigilon has attempted to identify factors that may cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, predicted, estimated or intended. Also, many of the factors are beyond the control of Avigilon.
Accordingly, readers should not place undue reliance on forward-looking statements. Avigilon undertakes no obligation to reissue or update any forward-looking statements as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements contained in this news release are qualified by this cautionary statement.
SOURCE Avigilon Corporation