TSL Express Daily News

TORONTO, Oct. 24, 2023 /CNW/ - TerraVest Industries Inc., (TSX: TVK) ("TerraVest" or the "Company") announces today that it has entered into a new credit facility (the "Credit Facility") with a syndicate of lenders comprised of Desjardins Capital Markets acting as sole lead arranger and bookrunner, National Bank of Canada, The Bank of Nova Scotia and the Business Development Bank of Canada.

The Credit Facility consists of a CAD$310 million revolving credit facility, maturing in three years and secured by the assets of the Company's HVAC Equipment and Compressed Gas Equipment divisions. This Credit Facility replaces the Company's existing credit facility with Desjardins of $130 million.

Dustin Haw, Chief Executive Officer of TerraVest, commented, "This new credit facility provides our company with additional balance sheet flexibility, and positions us well to continue to invest in, and enhance our existing portfolio businesses and pursue our long-term acquisition strategy."

"We would like to thank Desjardins for their continued support and commitment over the years, and looking forward we are excited to have the additional support of National Bank, Scotia and BDC," stated Charles Pellerin, Executive Chairman and Dustin Haw.

Caution Regarding Forward-Looking Statements

This news release contains forward-looking statements.  All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our strategic direction and evaluation of the business segments and TerraVest as a whole, TerraVest's plans with respect to its existing portfolio businesses and long-term acquisition strategy and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as "expects" and "will" or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements. 

Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.