The Credit Facility remains subject to completion of customary documentation and, upon becoming effective, will replace the Corporation's current credit agreement with CWB and will represent an increase in overall debt capacity from
The Credit Facility is expected to provide for more flexibility as a single senior secured revolving term loan that can be utilized to fund working capital, capital expenditures, and acquisitions, compared to the three separate loan tranches included in the current credit agreement. In addition, the Credit Facility is expected to include a
"Since entering into the credit agreement with CWB in 2021, they have proved to be an excellent financial partner, providing us with the financial capacity and flexibility to achieve the growth we have realized over the last two and a half years. We are thrilled to continue our partnership with CWB and are excited to add
The Corporation anticipates that definitive documentation will be entered into and the Credit Facility will close in the next two to three weeks. The terms of the Credit Facility set forth in this press release are subject to the terms set forth in the definitive documentation representing the Credit Facility and ancillary matters.
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Neither the
This press release contains forward-looking statements. These statements relate to the terms of the Credit Facility, the timing and closing of the Credit Facility and the potential benefits of the Credit Facility to the Corporation. Forward-looking statements are necessarily based upon a number of expectations and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are beyond the Corporation's control and many of which are subject to change. Readers are cautioned to not place undue reliance on forward-looking statements which only speak as to the date they are made. Although management believes that the expectations and assumptions underlying such forward-looking statements are reasonable, there can be no assurance that such expectations or assumptions will prove to be correct. A number of factors could cause actual future results, performance, achievements and developments of the Corporation to differ materially from anticipated results, performance, achievements and developments expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information.
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