TSXV: DUG │OTCQX: DSTFF
TORONTO, March 30, 2017 /CNW/ - Distinct Infrastructure Group Inc. ("Distinct" or the "Company") is pleased to announce that the Company has agreed on terms to refinance its current and long-term debt. The Company is working with Royal Bank of Canada, its existing senior lender, to consolidate all of its debt under one facility. As part of the process, the Company will be exercising its option under the Crown Capital debt facility to repay the debt early.
By restructuring its debt, the Company anticipates reducing its effective interest rate from approximately 10% to just under 4% which will result in significant cost savings in its interest expense, bring down its cost of capital and will allow the company to better manage its working capital. The Company will complete the refinancing effective May 26th, 2017.
"This deal is a testament to the hard work and success that the company has achieved in the last eighteen months. It recognizes that the company has become a leader in its space, and continues to execute on its business plan." "This financing is the next logical step in the evolution, growth and maturity of Distinct, and allows us to continue delivering strong growth," said Manny Bettencourt, CFO of Distinct Infrastructure Group Inc.
About Distinct Infrastructure Group:
Distinct Infrastructure Group Inc. is a turnkey solutions firm providing design, engineering, construction and maintenance services to telecommunication firms, utilities and government bodies. Distinct's full service suite of offerings includes underground construction, aerial construction, inventory management, and technical services including fibre to the building and home. The Company's head offices are located in Toronto, Ontario, and Edmonton, Alberta.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Distinct is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Distinct cannot assure investors that actual results will be consistent with these forward-looking statements and Distinct assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.
SOURCE Distinct Infrastructure Group Inc.