TORONTO, July 3, 2013 /CNW/ - BSM Technologies Inc. ("BSM" or the "Company") (TSX-V: GPS), a leading provider of remote monitoring, fleet management, fleet diagnostics and automated vehicle security systems, today announced that it has closed the three-year, $10 million credit facility with the Toronto-Dominion Bank previously mentioned in the Company's June 3, 2013 announcement. This facility includes a $7 million term facility to finance the full up-front cash consideration for the Company's recent acquisition of AutoVision Wireless Inc. ("AutoVision"), and a $3 million operating line-of-credit. The term facility and operating line-of-credit will initially carry an interest rate of 3.75%. The interest rate will vary based on the prime rate and a ratio of total debt to adjusted EBITDA.
"This credit facility allows us to complete our acquisition of AutoVision with minimal dilution to shareholders," said Aly Rahemtulla, President and CEO of BSM. "In addition, it puts us in a strengthened financial position to execute on other accretive opportunities that are consistent with our growth initiatives, while still maintaining a conservative capital structure."
About BSM Technologies Inc. (bsmwireless.com)
BSM Technologies Inc., through its subsidiary BSM Wireless Inc., is a leading provider of remote monitoring, fleet tracking, fleet maintenance, and business intelligent engine providing real time, web‐based tracking of mobile and fixed assets. BSM provides solutions for commercial, government, and law enforcement organizations who manage and operate diverse assets and large fleets, and who seek to enhance customer service, improve the safety of their drivers and vehicles, and lower business costs.
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SOURCE: BSM Technologies Inc.
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