TORONTO, Oct. 6, 2014 /CNW/ - IBI Group Inc. (the "Company") (TSX: IBG) is pleased to announce that the Company has completed previously announced negotiations with its lenders, and has entered into amended and restated credit facilities. Pursuant to the amendment and restatement, the Company's credit facilities have been set at $94 million and the maturity date at March 31, 2016.
"We are very pleased to have reached an agreement with our lenders, achieving another important milestone in our recapitalization plan. The restatement of our credit facilities provides IBI Group with additional financial flexibility and stability, and was enabled by the improvement in the Company's financial results and sustained effort to reduce financial leverage, including the sale of assets announced last week," said Scott Stewart, Chief Executive Officer of IBI Group.
The amended and restated credit facilities consist of a swing line facility, a revolver facility, an office capital expenditure facility, a letter of credit facility and a term facility. The new office capital expenditure facility will assist IBI Group to fund capital expenditures associated with certain new offices.
The availability of each credit facility is subject to compliance with certain financial, reporting and other covenants. Advances under the credit facilities bear interest at a rate based on the Canadian dollar prime rate or US dollar base rate plus, in each case, an applicable margin.
About IBI Group Inc.:
The Company is a TSX listed corporation and its common shares trade under the symbol "IBG".
IBI Group is a globally integrated architecture, planning, engineering, and technology firm with professionals around the world. For more than 40 years, our dedicated professionals have helped clients create livable, sustainable, and advanced urban environments. We are one of the largest architecture firms in the world.
From high-rises to industrial buildings, schools to state-of-the-art hospitals, transit stations to highways, airports to toll systems, bike lanes to parks, we design every aspect of a truly integrated city for people to live, work, and play.
We organize our expertise into three areas:
- Intelligence: systems designer, software development.
- Buildings: building architecture, building engineering (mechanical, structural, electrical).
- Infrastructure: planning, urban design, landscape architecture, transportation, and engineering.
Our collaborative and combined approach focuses not only on creating the best solutions today, but also creating the right solutions for tomorrow.
We believe cities must be designed with intelligent systems, sustainable buildings, efficient infrastructure, and a human touch.
At IBI, we're defining the cities of tomorrow.
SOURCE: IBI Group Inc.
For further information:
Stephen Taylor, CFO
IBI Group Inc.
55 St. Clair Avenue West, 7th Floor
Toronto, ON M4V 2Y7
Bayfield Strategy, Inc.