BOUCHERVILLE, QC, Sept. 4, 2018 /CNW Telbec/ - Uni-Select Inc. ("Uni-Select"), (TSX: UNS), announced today that it reached an agreement with its banking syndicate to amend and extend its credit facility. Previously, the credit facilities included a $525 million revolving credit facility with a 4-year maturity, coupled with a $100 million term loan with a semi-annual repayment schedule. The new agreement combines these two facilities into one revolving credit facility of $625 million with a five-year maturity, effectively extending it by one year.
"We are very pleased to have amended our credit facilities from the combination of a revolving credit facility and term loan into one revolving credit facility of $625 million. This new agreement provides us with greater flexibility to manage our working capital requirements and deleveraging objective. Finally, we are pleased to have the continued commitment and support of our banking syndicate," stated Eric Bussières, Chief Financial Officer of Uni-Select.
Uni-Select is a leader in the distribution of automotive refinish and industrial paint and related products in North America, as well as a leader in the automotive aftermarket parts business in Canada and in the UK. Uni-Select is headquartered in Boucherville, Québec, Canada, and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
In Canada, Uni-Select supports over 16,000 automotive repair and collision repair shops through a growing national network of more than 1,100 independent customers and over 60 company-owned stores, many of which operate under the Uni-Select BUMPER TO BUMPER®, AUTO PARTS PLUS® AND FINISHMASTER® store banner programs. It also supports over 3,900 shops and stores through its automotive repair/installer shop banners, as well as through its automotive refinish banners.
In the United States, Uni-Select, through its wholly-owned subsidiary FinishMaster, Inc., operates a national network of over 200 automotive refinish company-owned stores under the FINISHMASTER banner which services a network of over 30,000 customers annually, of which it is the primary supplier to over 6,800 collision repair centre customers.
In the UK and Ireland, Uni-Select, through its Parts Alliance group of subsidiaries, is a leading distributor of automotive parts supporting over 23,000 customer accounts with a network of close to 200 locations including over 170 company-owned stores.
The information provided in this press release may include some forward-looking information, which could include certain risks and uncertainties, which may cause the final results to be significantly different from those listed or implied within this news release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni‑Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
SOURCE Uni-Select Inc.