WINNIPEG, Feb. 10, 2020 /CNW/ - Lakeview Hotel Investment Corp. ("LHIC") announces that it has amended its amended and restated credit agreement dated January 31, 2018 as amended by a first amending agreement on December 18, 2018, a second amending agreement on June 19, 2019 and a third amending agreement on December 31, 2019 (the "ARCA") with a syndicate of lenders led by Alberta Treasury Branches and including Business Development Bank of Canada (BDC) and Roynat Capital pursuant to a Fourth Amending Agreement to the ARCA dated effective January 13, 2020.  The ARCA consolidated certain amendments to the credit agreement dated August 25, 2014, among other things.    

Pursuant to the Third Amending Agreement to the ARCA, the lenders and LHIC have agreed, among other things to extend the maturity date under the ARCA from January 13, 2020 to May 31, 2020.  LHIC intends to repay the syndicate of lenders through the sale of assets and the refinancing of other assets. 

In addition to the foregoing, LHIC has entered into a conditional financing commitment agreement with a new lender.  Should the conditions contained in the conditional financing commitment be achieved and the financing closes, LHIC will receive net funds of approximately $11,265,000 which it will use to pay down the credit facilities under the ARCA.  The refinancing is expected to occur on or about February 27, 2020

Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol "LHR".  Lakeview Hotel Investment Corp receives income from ownership, management and licensing of hotel properties. 

The TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Lakeview Hotel Investment Corp

Copyright 2020 Canada NewsWire

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