CALGARY,
AB, Feb. 8, 2023 /CNW/ - Crown Capital
Partners Inc. ("Crown" or the "Corporation") (TSX:
CRWN), a capital partner to entrepreneurs and growth
businesses, today announced that it has entered an agreement
for a new senior secured corporate credit facility of up to
$43.5 million ("Credit Facility")
with Canadian Western Bank. This Credit Facility replaces Crown's
previous $23.5 million corporate
credit facility.
The Credit Facility includes an amortizing term loan of
$30.0 million, an operating loan of
up to $10.0 million with availability
subject to margin condition restrictions, and a letter of credit
facility of $3.5 million. The term
loan matures in five years and is comprised of an initial advance
of $25 million plus $5 million to be advanced upon request by Crown
prior to June 30, 2023. The Credit
Facility provides financing at variable interest rates based on
Prime Rate plus an applicable margin and includes customary
covenants for an agreement of this nature.
"We're pleased to finalize a new credit facility with Canadian
Western Bank, a long-time financial partner to Crown," said
Chris Johnson, Crown's President
& CEO. "This new facility provides us with the necessary
additional funding and flexibility to support the planned growth of
our various operating businesses, including initiatives underway in
our Network Services and Distribution Services operations."
The Credit Facility will be used primarily to refinance existing
senior debt and letters of credit, support the working capital and
growth capital requirements of Crown and its operating businesses,
and to fund Crown's remaining capital commitment in respect of
Crown Capital Power Limited Partnership.
About Crown Capital Partners
(TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown
Capital Partners is a capital partner to entrepreneurs and growth
businesses mainly operating in the telecommunications
infrastructure, distribution services, and distributed power
markets. We focus on growth industries that require a specialized
capital partner, and we aim to create long-term value by acting as
both a direct investor in operating businesses serving these
markets and as a manager of investment funds for institutional
partners. For additional information, please visit
crowncapital.ca.
SOURCE Crown Capital Partners Inc.
