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services or for dissemination in the
United States/
WINNIPEG, MB, March 27,
2024 /CNW/ - Boyd Group Services Inc. (TSX: BYD)
("BGSI", "Boyd" or "the Boyd Group") today announced that it has
extended its existing revolving credit facilities in the aggregate
amount of US$550 million for a
four-year term, with an accordion feature which can increase the
credit facilities to a maximum of US$850
million (the "Facilities"). The Facilities will mature in
March 2028. The existing US$125 million Term Loan A maturing in
March 2027 remains unchanged.
"The amended credit facilities provide Boyd with continued
financial flexibility," said Jeff
Murray, Executive Vice President and Chief Financial Officer
of the Boyd Group. "These financing arrangements, along with our
strong balance sheet, will enable us to continue executing our
growth strategy and building shareholder value."
The lending institutions participating in the Facilities include
The Toronto-Dominion Bank as lead arranger, Bank of America,
National Bank of Canada, The Bank
of Nova Scotia, and Canadian
Imperial Bank of Commerce.
About Boyd Group Services Inc.
Boyd Group Services
Inc. is a Canadian corporation and controls The Boyd Group Inc. and
its subsidiaries. Boyd Group Services Inc. shares trade on the
Toronto Stock Exchange ("TSX") under the symbol BYD.TO. For more
information on The Boyd Group Inc. or Boyd Group Services Inc.,
please visit our website at https://www.boydgroup.com.
About The Boyd Group Inc.
The Boyd Group Inc. (the
"Company") is one of the largest operators of non-franchised
collision repair centres in North
America in terms of number of locations and sales. The
Company operates locations in Canada under the trade names Boyd Autobody
& Glass (https://www.boydautobody.com) and Assured Automotive
(https://www.assuredauto.ca) as well as in the U.S. under the trade
name Gerber Collision & Glass
(https://www.gerbercollision.com). In addition, the Company is a
major retail auto glass operator in the U.S. with operations under
the trade names Gerber Collision & Glass, Glass America, Auto
Glass Service, Auto Glass Authority and Autoglassonly.com. The
Company also operates a third party administrator, Gerber National
Claims Services, that offers glass, emergency roadside and first
notice of loss services. For more information on The Boyd Group
Inc. or Boyd Group Services Inc., please visit our website at
https://www.boydgroup.com.
Caution concerning forward-looking
statements
Statements made in this press release,
other than those concerning historical financial information, may
be forward-looking and therefore subject to various risks and
uncertainties. Some forward-looking statements may be identified by
words like "may", "will", "anticipate", "estimate", "expect",
"intend", or "continue" or the negative thereof or similar
variations. Readers are cautioned not to place undue reliance on
such statements, as actual results may differ materially from those
expressed or implied in such statements. Factors that could
cause results to vary include, but are not limited to: employee
relations and staffing; acquisition and new location risk;
operational performance; brand management and reputation; market
environment change; reliance on technology; supply chain risk;
margin pressure and sales mix changes; pandemic risk & economic
downturn; changes in client relationships; decline in number of
insurance claims; environmental, health and safety risk; climate
change and weather conditions; competition; access to capital;
dependence on key personnel; tax position risk; corporate
governance; increased government regulation and tax risk;
fluctuations in operating results and seasonality; risk of
litigation; execution on new strategies; insurance risk; interest
rates; U.S. health care costs and workers compensation claims;
foreign currency risk; capital expenditures; low capture rates; and
energy costs and BGSI's success in anticipating and managing
the foregoing risks.
We caution that the foregoing list of factors is not
exhaustive and that when reviewing our forward-looking statements,
investors and others should refer to the "Risk Factors" section of
BGSI's Annual Information Form, the "Risks and Uncertainties" and
other sections of our Management's Discussion and Analysis of
Operating Results and Financial Position and our other periodic
filings with Canadian securities regulatory authorities. All
forward-looking statements presented herein should be considered in
conjunction with such filings.
SOURCE Boyd Group Services Inc.