Dominion Lending Centres Inc. Amends and Extends Credit Facility
VANCOUVER, British Columbia, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”) is pleased to announce that it has amended and extended its credit facilities with The Toronto-Dominion Bank effective December 19, 2023. The maturity date for the credit facilities has been extended from December 22, 2024 to December 19, 2026.
The amended credit facilities are comprised of two senior credit facilities (collectively, the “Senior Credit Facilities”) and a junior term credit facility (the “Junior Credit Facility”).
The Senior Credit Facilities provide the Corporation with a $15 million revolving credit line and a term facility used to pay out the existing senior facilities (the term facility has $36 million drawn at closing). Interest on the Senior Credit Facilities is based on the prime borrowing rate plus an additional amount determined based on the Corporation’s total leverage. On closing of the Senior Credit Facilities, the interest rate is anticipated to be equal to the prime borrowing rate.
The Junior Credit Facility provides the Corporation with a $4.2 million term loan. The Junior Credit Facility is secured by a first charge over all of the Corporation’s “non-core business assets” and a junior security interest over the Corporation’s “core business assets” (subject to certain security-sharing rights of the Preferred Shareholders). Interest on the Junior Credit Facility is based on the prime borrowing rate plus an additional amount determined based on the Corporation’s total leverage. On closing of the Junior Credit Facility, the interest rate is anticipated to be prime plus 75 bps.
About Dominion Lending Centres Inc.
Dominion Lending Centres Inc. is Canada’s leading network of mortgage professionals. DLCG operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. DLCG extensive network includes over 8,000 agents and over 520 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.
DLCG can be found on Twitter, Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at .
Contact information for the Corporation is as follows:
| Eddy Cocciollo President 647-403-7320 | James Bell EVP, Corporate and Chief Legal Officer 403-560-0821 | ||
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