The Brick Group Income Fund announces private placement of C$83,000,000 senior secured notes of the Brick Warehouse LP


    EDMONTON, March 9 /CNW/ - The Brick Group Income Fund (the "Fund", and
together with its wholly-owned subsidiary entities, the "Brick Group")
announced today that The Brick Warehouse LP, a member of the Brick Group, has
entered into agreements with a group of six institutional investors in
connection with an offering, on a private placement basis, of senior secured
notes (the "Notes") in an aggregate principal amount of C$83,000,000.
    The Notes will have a term of seven years and will bear interest at a
fixed rate of 6.431%, payable semi-annually. The Notes will be secured by
substantially all of the Brick Group's assets, and will rank pari passu with
the Brick Group's existing credit facilities.
    The Notes are being sold on a private placement basis through TD
Securities Inc., which has been retained as sole agent in connection with the
offering. Closing of the private placement is subject to the satisfaction of
customary conditions and is expected to occur on or about March 14, 2007.
    The net proceeds of the offering of Notes will be used to repay in full
all amounts outstanding under the Brick Group's existing $70 million term
loan, its existing senior secured mortgages of approximately $10 million, and
for liquidity and general corporate purposes.

    About the Brick Group

    The Brick Group is one of Canada's largest volume retailers of household
furniture, mattresses, appliances and home electronics, operating under four
banners: The Brick, United Furniture Warehouse, The Brick Superstore, and The
Brick Mattress Store. In addition, through its corporate sales division, the
Brick Group services the subdivision, condominium, and high-rise builder
market. The Brick Group's retail operations are located in British Columbia,
Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island, Nova
Scotia and the Yukon Territory.
    This news release does not constitute an offer to sell or the
solicitation of an offer to buy the securities referred to herein. The units
will not be registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act") and may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons except in certain
transactions exempt from the registration requirements of the Securities Act.

    Notice to Readers

    Certain forward-looking statements are made in this news release, within
the meaning of applicable securities laws. These statements reflect the Brick
Group's current expectations and are based on information currently available
to management. The words "may", "will", "should", "believe", "expect, "plan",
"anticipate", "intend", "estimate", "predict", "potential", "continue", or the
negative of these terms, identify forward-looking matters. These statements
speak only as of the date of this press release. The actual results could
differ materially from those anticipated in these forward-looking statements.
    Reliance should not be placed on forward-looking statements because they
involve known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the Brick Group to
differ materially from anticipated future results, performance or achievement
expressed or implied by such forward-looking statements. Factors that could
cause actual results to differ materially from those set forth in the
forward-looking statements include, but are not limited to, the
non-satisfaction of any conditions precedent to the completion of the offering
of Notes, fluctuations in interest rates and currency values, legislative and
regulatory developments, legal developments, the occurrence of weather-related
and other natural catastrophes, changes in tax laws, and those risks and
uncertainties detailed in the section entitled "Risk Factors" in the Brick
Group's Management's Discussion and Analysis. The preceding list is not an
exhaustive list of possible factors. These and other factors should be
considered carefully and readers are cautioned not to place undue reliance on
these forward-looking statements. The Brick Group undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise, other than as required by
applicable law.

For further information:

For further information: Kim Yost, President and CEO, The Brick Group,
(780) 930-6300,; Mike Borys, Executive Vice
President and CFO, The Brick Group, (780) 930-6300,

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