Canlan Ice Sports refinanced all of its Canadian long–term debt to take advantage of low long-term interest rates. HSBC Bank Canada provided Canlan with a $48.5 million refinancing loan to consolidate its Canadian loan facilities, fully repay a mortgage on a rink facility in the U.S. and to provide additional working capital.

The refinancing loan has a seven-year term and will be amortized over 15 years. The refinancing package also provides for two additional $5 million revolving credit facilities to finance seasonal cash flow requirements and future capital expenditures, if necessary. HSBC also provided Canlan with a $1.5 million equipment lease credit facility.

“We are delighted to be in a position to work with HSBC to complete this transaction, which will significantly reduce borrowing cost and increase cash flow through reduced debt service requirements,” said Canlan’s CFO Mike Gellard. “The timing was right for us to work with HSBC to capitalize on the current interest rate environment.”

Canada-based Canlan Ice Sports owns and operates of multi-purpose recreation and entertainment facilities throughout North America.