ISC® Expands Its Credit Facility to $150 Million
REGINA, Saskatchewan, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Information Services Corporation (TSX:ISV) (“ISC®” or the “Company”) announced today that it has agreed with its lenders to expand its secured credit facility (the "Credit Facility") to CAD$150 million.
Jeff Stusek, President & CEO of ISC commented, “We are extremely pleased to have concluded this new Credit Facility agreement, which provides us with greater flexibility and strengthens our financial position.”
The aggregate amount which will be available under the new Credit Facility will be $150.0 million, up from $80 million and will be for a term of 2 years, effective August 5, 2020. As of the effective date, the amount of $76.5 million was drawn under the Credit Facility, in order to re-finance amounts under the previous facilities, including the recent acquisition by the Company, through its wholly owned subsidiary ESC Corporate Services Ltd., of substantially all of the assets of Paragon Inc. The new Credit Facility is available on a revolving basis to finance permitted acquisitions and capital expenditures, and for general corporate purposes.
Royal Bank of Canada is the Administrative Agent and RBC Capital Markets and Canadian Imperial Bank of Commerce are Joint Lead Arrangers and Joint Bookrunners.
About ISC®
Headquartered in Canada, ISC® is the leading provider of registry and information management services for public data and records. Throughout our history, we have delivered value to our clients by providing solutions to manage, secure and administer information through our Registry Operations, Services and Technology Solutions segments. ISC® is focused on sustaining its core business while pursuing new growth opportunities. The Class A Shares Limited Voting Shares of ISC® trade on the Toronto Stock Exchange under the symbol ISV.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain forward-looking information within the meaning of applicable Canadian securities legislation including, without limitation, statements regarding our financial position and the term of the Credit Facility. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to changes in the condition of the economy, including those arising from public health concerns, reliance on key customers and licences, dependence on key projects and clients, securing new business and fixed-price contracts, identification of viable growth opportunities, implementation of our growth strategy, competition and other risks detailed from time to time in the filings made by the Company including those detailed in ISC’s Annual Information Form for the year ended December 31, 2019 and ISC’s Unaudited Condensed Consolidated interim Financial Statements and Notes and Management’s Discussion and Analysis for the second quarter ended June 30, 2020, copies of which are filed on SEDAR at
The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, ISC assumes no obligation to update or revise such information to reflect new events or circumstances.
Investor Contact
Jonathan Hackshaw
Director, Investor Relations & Capital Markets
Toll Free: 1-855-341-8363 in North America or 1-306-798-1137
