WINNIPEG, June 25, 2019 /CNW/ - Lakeview Hotel Investment Corp ("LHIC") announces that it has amended its amended and restated credit agreement dated January 31, 2018 as amended by a first amending agreement on December 18, 2018 (the "ARCA") with a syndicate of lenders led by Alberta Treasury Branches and including Business Development Bank of Canada (BDC) and Roynat Capital pursuant to a Second Amending Agreement to the ARCA dated June 19, 2019. The ARCA consolidated certain amendments to the credit agreement dated August 25, 2014, among other things.
Pursuant to the Second Amending Agreement to the ARCA, the lenders and LHIC have agreed, among other things: 1) to extend the maturity date under the ARCA to December 31, 2019; 2) that the lenders will waive certain defaults under the ARCA including the debt service coverage ratio and loan to appraised value requirements contained in the ARCA; 3) that the lenders waive compliance with the debt service coverage ratio requirements and the loan to appraised value requirements until December 31, 2019; and 4) that LHIC will confirm no later than July 31, 2019 that the holders of Class C Debentures and Class D Debentures of LHIC have agreed to defer payments of principal and interest thereunder. Through the sale of assets and refinancing of other assets, LHIC intends to fully repay the syndicate of lenders by the December 31, 2019 maturity date.
Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol "LHR". Lakeview Hotel Investment Corp receives income from ownership, management and licensing of hotel properties.
The TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Lakeview Hotel Investment Corp
For further information: Avrum Senensky, Executive Vice President, Tel: (204) 947-1161, Fax: (204) 957-1697, Email email@example.com