Canyon has announced an increase in its credit facility to $100 mm with a $50 mm accordion feature, from the previous facility of $80 mm with a $10 mm accordion. Recall, Canyon had $40 mm drawn on its credit facility at the end of 1Q15 and we are forecasting the Company to exit 2015e with net debt of $60 mm. The new facility has a term of three years, is extendible annually, and interest rates rise or fall based on financial ratios and metrics.
23 Jul 2015
CANYON SERVICES GROUP INC. (FRC) ANNOUNCES NEW SYNDICATED CREDIT FACILITY
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CANYON SERVICES GROUP INC. (FRC) ANNOUNCES NEW SYNDICATED CREDIT FACILITY
Canyon has announced an increase in its credit facility to $100 mm with a $50 mm accordion feature, from the previous facility of $80 mm with a $10 mm accordion. Recall, Canyon had $40 mm drawn on its credit facility at the end of 1Q15 and we are forecasting the Company to exit 2015e with net debt of $60 mm. The new facility has a term of three years, is extendible annually, and interest rates rise or fall based on financial ratios and metrics.