| Home : July 2011 : July 04, 2011 News : Armtec Infrastructure Inc. Enters Into a Committed Financing With Brookfield |
Armtec Infrastructure Inc. Enters Into a Committed Financing With Brookfield |
July 04, 2011
GUELPH, ONTARIO--(Marketwire - July 3, 2011) - Armtec Infrastructure Inc. ("Armtec" or the "Company") (TSX:ARF)(TSX:ARF.DB) today announced that it has entered into a committed financing with a Brookfield Asset Management Inc. company to provide a $125 million credit facility. The first tranche of $90 million will become available upon finalization of appropriate documentation and the second tranche of $35 million will become available upon the satisfaction of certain additional due diligence conditions. The new facility will allow Armtec to repay in full the lenders under its existing senior facility (in either the third or fourth quarter of this year depending on the availability of the second tranche) and will be available for general corporate purposes. The new credit facility will have a term of two years (extendable to 30 months at Armtec's option), can be prepaid at any time and will be secured by a first charge on Armtec's assets. The new facility provides Armtec with enhanced financial flexibility and greater liquidity, allowing management to remain focused on operational priorities. In connection with the transaction, Armtec has granted Brookfield a warrant to acquire approximately 4.56 million common shares of Armtec (representing approximately 15% of the number of currently outstanding common shares calculated on a fully diluted basis) at an exercise price which has a premium of 25% to the current market price of the common shares, subject to regulatory approval.
http://www.marketwire.com/mw/release.do?id=1534101&sourceType=3
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