CALGARY, Dec. 19, 2016 /CNW/ - Cervus Equipment Corp. ("Cervus") (TSX: CVL) is pleased to announce that it has entered into an amended and extended revolving credit facility (the "Facility") with its existing syndicate of underwriters led by The Toronto-Dominion Bank and including Canadian Imperial Bank of Commerce and Wells Fargo. The principal amount available remains at $100 million under the extended Facility, effective December 19, 2016, with an $80 million accordion which Cervus may request as an increase to the total available facility. The extension of the Facility extends the maturity to December 19, 2019 compared to December 21, 2017 prior to extension.
The Company's cost of borrowing under the Facility remains unchanged as do the primary financial covenants under the Facility. The principal purpose of this Facility is to finance Cervus' general corporate operating requirements, including capital expenditures, permitted acquisitions and permitted investments. As of the date hereof, approximately $51 million has been drawn down on this Facility.
About Cervus Equipment Corporation
Cervus acquires and operates authorized agricultural, construction, materials handling and transportation equipment dealerships. The Company has interests in 73 dealerships in Canada, New Zealand, and Australia. The primary equipment brands represented by Cervus include John Deere agricultural equipment; Bobcat and JCB construction equipment; Clark, Sellick and Doosan material handling equipment; and Peterbilt transportation equipment. The common shares of Cervus are listed on the Toronto Stock Exchange and trade under the symbol "CVL".
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Cervus Equipment Corp.