TORONTO, March 31,
2023 /CNW/ - Bridgemarq Real Estate Services Inc.
("Bridgemarq" or the "Company") (TSX: BRE) today announced an
amendment to its debt facilities with the Canadian Imperial Bank of
Commerce (the "Debt Facilities"). The significant changes to the
Debt Facilities include:
- The maturity date of the Debt Facilities has been extended from
December 31, 2023, to December 31, 2026, providing the Company
certainty over its borrowings for at least three more years;
- The Company's borrowing capacity has been increased from
$80 million to $90 million through a $10
million increase in the Company's revolving acquisition
facility; and
- Effective January 1, 2024,
interest rates charged to the Company will increase by 0.3%, from
CDOR + 1.7% to CDOR + 2.0% for bankers' acceptance-based
borrowings, and prime rate + 0.5% to prime rate + 0.8% for prime
rate borrowings.
There were no changes to the security provided by the Company
under the debt facilities nor were there any changes in the
financial covenants under the facility.
For a full description of the company's Debt Facilities, see the
Annual Information Form for the year ended December 31, 2022, or the Company's Annual
Report, which are available on the Company's website at
www.bridgemarq.com and on SEDAR at www.sedar.com.
FORWARD-LOOKING
STATEMENTS
This news release contains forward-looking information and other
"forward-looking statements". Words such as "at least",
"certainty", "providing", "to", "will", and other expressions that
are predictions of or could indicate future events and trends and
that do not relate to historical matters identify forward-looking
statements. Reliance should not be placed on forward-looking
statements because they involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to differ materially
from anticipated future results, performance or achievement
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially from those
indicated in the forward-looking statements include: any changes in
credit markets that affect the availability of credit or changes in
interest rates, changes in the supply or demand of houses for sale
in Canada or in any particular
region within Canada, changes in
the selling price for houses in Canada or any particular region within
Canada, changes in the Company's
cash flow or profitability, changes in the Company's strategy with
respect to and/or ability to pay dividends, changes in the
productivity of the Company's REALTORS® or the commissions they
charge their customers, changes in government policy, consumer
response to any changes in the housing markets in Canada or any changes in government policy,
laws or regulations, changes in general economic conditions
(including interest rates, consumer confidence and other general
economic factors or indicators), changes in global and regional
economic growth, the level of residential real estate transactions,
, other developments in the residential real estate brokerage
industry or the Company that reduce the number of REALTORS® in the
Company's Network or revenue from the Company's Network, changes in
tax laws or regulations, and other risks detailed in the Company's
annual information form, which is filed with securities commissions
and posted on SEDAR at www.sedar.com. Forward-looking information
is based on various material factors or assumptions, which are
based on information currently available to management. Material
factors or assumptions that were applied in drawing conclusions or
making estimates set out in the forward-looking statements include,
but are not limited to: anticipated economic conditions,
anticipated impact of government policies, anticipated financial
performance, anticipated market conditions, business prospects, the
successful execution of the Company's business strategies and
recent regulatory developments. The factors underlying current
expectations are dynamic and subject to change. Although the
forward-looking statements contained in this press release are
based upon what management believes are reasonable assumptions, the
Company cannot assure readers that actual results will be
consistent with these forward-looking statements. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
About Bridgemarq Real Estate
Services
Bridgemarq is a leading provider of services to residential real
estate brokers and a network of approximately 21,000
REALTORS®.1 We operate in Canada under the Royal LePage, Via Capitale
and Johnston & Daniel brands. For more information, go to
bridgemarq.com.
Bridgemarq is an affiliate of Brookfield Business Partners, a
business services and industrials company focused on owning and
operating high-quality businesses that benefit from barriers to
entry and/or low production costs. Brookfield Business Partners is
listed on the New York and
Toronto stock exchanges. Further
information is available at bbu.brookfield.com.
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1 The
trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled
by The Canadian Real Estate Association (CREA) and identify real
estate professionals who are members of CREA.
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SOURCE Bridgemarq Real Estate Services Inc.