PHOENIX, AZ, Nov. 11, 2014 /CNW/ - GWR Global Water Resources Corp. (the "Company") (TSX: GWR) today announced that Global Water Resources, Inc. (which the Company owns a 48.1% interest in) has refinanced $21.8 million of its debt. The new consolidated facility with MidFirst Bank, replaces the Series 2012A and Series 2012B bonds, as well as the term loan outstanding, all of which were held by Regions Bank.
The new facility will have a term of 10 years and based on an amortization of 20 years. The facility will carry an interest rate of LIBOR + 3.00%. The longer amortization period compared to the existing facilities reduces principal payments by approximately $2.0 million per year over the next 5 years.
"We are pleased with the completion of this first step in restructuring our debt," said Ron Fleming, Global Water's President and Interim-CEO. "We will continue to focus on optimizing our capital structure as a key element in our strategy to drive long-term shareholder value."
About GWR Global Water Resources Corp.
The Company was incorporated in British Columbia to acquire shares of U.S. based Global Water Resources, Inc. ("Global Water") and to actively participate in the management, business and operations of Global Water through its representation on the board of directors of Global Water and its shared management of Global Water.
About Global Water
Global Water is a pure-play, high-growth water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.
SOURCE: GWR Global Water Resources Corp.
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