/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
REGINA, July 8, 2013 /CNW/ - Information Services Corporation ("ISC" or the "Company") announced today the closing of secured credit facilities (collectively, the "Credit Facilities") provided by a Canadian chartered bank in the aggregate amount of $19,935,000. The Credit Facilities are comprised of (i) a $9,935,000 three year committed revolving term loan facility (the ''Revolving Term Facility") to be initially used to replace the existing short-term indebtedness of ISC to the General Revenue Fund of Saskatchewan, and (ii) a $10 million uncommitted revolving credit facility (the ''Operating Facility") to be used for general corporate purposes. The Revolving Term Facility loan will mature on July 5, 2016 unless renewed prior to that time. The Operating Facility is repayable by ISC upon demand by the lender and the lender may terminate such Operating Facility at any time.
Borrowings under the Credit Facilities will bear interest at a base rate of prime, bankers' acceptance fee, letter of credit fee or letter of guarantee fee (each as determined in accordance with the terms of the Credit Facilities), plus a margin varying between 0.7% and 1.7% per annum depending on the type of advance. ISC is also required to pay a commitment fee quarterly in arrears at the rate of 0.34% per annum of the unutilized portion of the Revolving Term Facility loan. The Company will pay customary closing fees to the lender in connection with the Credit Facilities.
ISC is a provider of registry and information services to the province of Saskatchewan. The Company is the exclusive provider of the Land Titles Registry, Land Surveys Directory, Personal Property Registry and Corporate Registry in Saskatchewan, which are key supporters of economic activity in the province.
Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, ISC assumes no obligation to update or revise such information to reflect new events or circumstances.
SOURCE: Information Services Corporation of Saskatchewan (ISC)
For further information:
Information Services Corporation
Manager, Corporate Communications
306-798-4147 or [email protected]