TORONTO, Dec. 19, 2014 /CNW/ - Wheels Group Inc.
("Wheels" or the "Company") (TSXV: WGI), a leading North
American non-asset third party logistics ("3PL") provider, today
announced that it has secured financing of $7,426,590 from BMO Capital Partners ("BMOCP") to
be used for redemption of the Company's Series 1A Preference Shares
on December 31, 2014.
With no principal repayments due until maturity on August 31, 2017, the principal amount of the
advance bears cash interest at a rate of 13.5% calculated and
payable monthly and capitalized interest of 2.5% calculated and
compounded monthly and payable in cash on the earliest of the
maturity date or repayment of the principal amount. The advance is
subordinate to Wheels' senior secured debt, and is secured by the
assets of the Company.
About Wheels
Founded in 1988, Wheels is a leading North American 3PL, supply
chain logistics provider. As a non-asset provider, the Company
develops advanced supply chain solutions delivered through its
qualified partner network of over 6,000 truck, rail, air and ocean
carriers. Wheels serves consumer goods, food and beverage,
manufacturing and retail clients through 18 offices throughout the
US and Canada. Wheels has been
named one of Canada's Best Managed
Companies since 1997, Platinum since 2003. Wheels has been named
one of North America's Top 100
Third-Party Logistics ("3PL") Companies and one of the Top 100 Food
3PL's.
Neither the TSX Venture Exchange, nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Wheels Group Inc.