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