Uni-Select Inc. has announced that it has successfully secured new credit facilities, providing access to additional liquidity on more flexible financial terms and conditions.
The new US$565 million secured credit facilities, which will mature on June 30, 2023, consist of a US$350 million revolving credit facility and US$215 million term facilities.
The new credit facilities can be used for general corporate purposes, thereby providing additional liquidity and flexibility, if required.
“These new credit facilities increase our total available liquidity by an additional US$100 million, to approximately US$220 million, and complement the multiple measures implemented by our team over the past few months to weather the impact of the pandemic,” said Brent Windom, President and Chief Executive Officer, Uni-Select Inc.
He said the new credit facilities provide a more favorable covenant structure and more latitude to manage our business going forward.
“We are pleased to have the continued commitment from our existing banking syndicate as well as the support of new financial partners with Export Development Canada and Investissement Québec, on behalf of the government of Québec. With this latest initiative, combined with the measures already put in place, we believe that we are well prepared to face the ongoing economic uncertainty,” Windom said.