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TORONTO, April 30, 2014 /CNW/ - Tricon Capital Group Inc. (TSX: TCN) ("Tricon") today announced an increase in its Corporate credit facility to $105 million from $45 million. The terms of this credit facility are in line with the prior revolver, though the maturity date has been extended to April, 2018.
The credit facility was led by a syndicate of financial institutions including the Royal Bank of Canada as Administrative Agent, J.P. Morgan, TD Securities Inc. and Raymond James as Lenders.
"We are pleased with the upsize of our Corporate credit facility which improves our liquidity position and enhances our ability to achieve our growth objectives in the short and long term" said David Berman, Tricon's Chief Executive Officer. Mr. Berman continued, "We appreciate the commitment of our lenders. The participation of both new and existing high caliber financial institutions in our credit line is testament to Tricon's steady performance, strong balance sheet and anticipated growth plan."
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America's leading residential real estate investment companies. Tricon provides financing to local operators or developers in select markets in the United States and Canada, with a primary focus on housing in growing markets. Our business objective is to invest for investment income and capital appreciation through our Principal Investment business segments and to earn fee income through our Private Funds and Advisory business. We currently have $1.9 billion of assets under management, including 22,500 single-family lots, 6,300 multi-family units and a portfolio of over 3,300 U.S. single-family rental homes. Since inception, Tricon has invested in approximately 160 transactions for development projects valued at more than $12 billion. More information about Tricon is available at www.triconcapital.com.
This press release may contain forward-looking statements relating to expected future events and financial and operating results and projections of the Company, including statements regarding future plans, objectives or economic performance that involve risks and uncertainties. Forward-looking information and statements are based on management's expectations, intentions and assumptions. If unknown risks arise, or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. Examples of such risks include, but are not limited to, the risks disclosed in the Company's final long form prospectus dated May 14, 2010, the risks disclosed in the Company's subsequent final short form prospectuses issued through July 26, 2013 and the risks described in the Company's continuous disclosure materials from time-to-time, as available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
SOURCE: Tricon Capital Group Inc.
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