TORONTO,
Oct. 6, 2014 /CNW/ - IBI Group Inc.
(the "Company") (TSX: IBG) is pleased to announce that the Company
has completed previously announced negotiations with its lenders,
and has entered into amended and restated credit facilities.
Pursuant to the amendment and restatement, the Company's credit
facilities have been set at $94
million and the maturity date at March 31, 2016.
"We are very pleased to have reached an
agreement with our lenders, achieving another important milestone
in our recapitalization plan. The restatement of our credit
facilities provides IBI Group with additional financial flexibility
and stability, and was enabled by the improvement in the Company's
financial results and sustained effort to reduce financial
leverage, including the sale of assets announced last week," said
Scott Stewart, Chief Executive
Officer of IBI Group.
The amended and restated credit facilities
consist of a swing line facility, a revolver facility, an office
capital expenditure facility, a letter of credit facility and a
term facility. The new office capital expenditure facility will
assist IBI Group to fund capital expenditures associated with
certain new offices.
The availability of each credit facility is
subject to compliance with certain financial, reporting and other
covenants. Advances under the credit facilities bear interest at a
rate based on the Canadian dollar prime rate or US dollar base rate
plus, in each case, an applicable margin.
About IBI Group Inc.:
The Company is a TSX listed corporation and its
common shares trade under the symbol "IBG".
IBI Group is a globally integrated architecture,
planning, engineering, and technology firm with professionals
around the world. For more than 40 years, our dedicated
professionals have helped clients create livable, sustainable, and
advanced urban environments. We are one of the largest architecture
firms in the world.
From high-rises to industrial buildings, schools
to state-of-the-art hospitals, transit stations to highways,
airports to toll systems, bike lanes to parks, we design every
aspect of a truly integrated city for people to live, work, and
play.
We organize our expertise into three areas:
- Intelligence: systems designer, software development.
- Buildings: building architecture, building engineering
(mechanical, structural, electrical).
- Infrastructure: planning, urban design, landscape architecture,
transportation, and engineering.
Our collaborative and combined approach focuses
not only on creating the best solutions today, but also creating
the right solutions for tomorrow.
We believe cities must be designed with
intelligent systems, sustainable buildings, efficient
infrastructure, and a human touch.
At IBI, we're defining the cities of
tomorrow.
SOURCE IBI Group Inc.