TORONTO, Jan. 4, 2018 /CNW/ - Echelon Financial Holdings Inc. ("the Company") (TSX: EFH), today announced the receipt of partial principal repayment on its loan to New Nordic Odin Guernsey Limited (NNGL).
As part of the sale of its European subsidiary, the Company entered into an agreement on March 7, 2017, to lend the principal amount of 91.5 million Danish Krone (DKK) to NNGL. The Company has received all interest payments due to date.
On December 29, 2017, the Company received 59.4 million DKK as a partial repayment of the principal amount of the loan, which was payable on December 31, 2017. The Company extended the maturity date for the outstanding balance of the loan agreement with NNGL to March 31, 2018. All other loan agreement conditions remain unchanged. The loan bears interest on the principal amount outstanding at the rate of six percent (6%) per annum and is payable monthly.
About Echelon Financial Holdings Inc.
Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit echeloninsurance.ca.
SOURCE Echelon Financial Holdings Inc.
For further information: Company contact information: Jennifer Kew, Investor Relations, 905-214-7880, [email protected]