IBI Group announced that the company has entered into an agreement with its senior lenders to refinance the amended and restated credit facilities originally set to mature on March 31, 2016.

The new senior credit facility has total availability of $90.0 million and matures June 30th, 2018. The negotiated terms of the new credit facility represent an improvement over the prior arrangement, including lower interest rate that reflects IBI’s improved financial condition and risk profile. The new senior credit facility will allow IBI to continue to execute its strategic plan, pursue growth opportunities and address stakeholder interests. This new credit facility is led by TD Bank, with whom IBI has had a long standing relationship, spanning more than 40 years.

“We are grateful for the support of our lenders, security holders and the board of IBI. The agreement with our senior lenders is a major accomplishment in the restructuring of IBI, providing a basis to grow the firm and execute on our plan. Needless to say, we are very pleased with the outcome and look forward to a long relationship with the banking syndicate,” said Scott Stewart, IBI’s chief executive officer.