TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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May 10, 2021
Source: Newswire
Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that it has entered into a new senior secured corporate credit facility ("Credit Facility") of up to $41.5 million with ATB Financial ("ATB"). This facility replaces Crown's previous $35.0 million credit facility, which had a maturity date of May 31, 2021. Crown will use the Credit Facility to fund investments, potential acquisitions and share repurchases and for general corporate purposes.
"We're pleased to finalize a new credit facility with ATB, a long-time financial partner to Crown," said Chris Johnson, Crown's President & CEO. "This new facility supports our plans to invest in expanding our Network Services and Distributed Power businesses while we continue to transition our balance sheet, in particular reducing the amount of our capital at work in the alternative lending portfolio."
The Credit Facility includes a $30.0 million revolving credit facility with a three-year term that declines to $20.0 million at the end of 2021, an $8.0 million term facility that matures at the end of 2021, and a $3.5 million dedicated-purpose letter of credit facility. The revolving credit facility provides financing at a variable interest rate based on Prime plus 275bps to 350bps, has a customary set of covenants, and is subject to extension annually.
About Crown Capital Partners (TSX:CRWN)
Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co- invests in alternative investment funds, including Crown Partners Fund and Crown Capital Power Fund.
SOURCE Crown Capital Partners Inc.
For further information: Craig Armitage, Investor Relations, craig.armitage@crowncapital.ca, (416) 347-8954
