Daily News: March 12, 2012

The Brick Secures New Asset-Based Credit Facility With BMO

The Brick Ltd. announced that, effective March 9, 2012, it entered into a new five-year $100 million asset-based credit facility with BMO Bank of Montreal as the lead lender, replacing its previous facility with GE Capital. The new facility also includes a $50 million accordion feature that could potentially increase the total borrowing capacity to $150 million.

“I am very pleased with the terms secured under our new credit facility, which we successfully concluded in advance of the May 28, 2012 maturity of our GE facility. We look forward to a long-term relationship with the Bank of Montreal. Although we have not borrowed any funds under the previous credit facility with GE Capital since March, 2010, the new 5 year facility will positively support operations, our debt repayment initiatives and the future growth of our business,” commented Vi Konkle, President and CEO of the Brick Group.

“We also wish to thank GE Capital for their dedication and support since negotiating the original 3 year asset-based credit facility in May of 2009,” added Konkle.

The Brick Group, together with its subsidiaries, is one of Canada’s largest volume retailers of household furniture, mattresses, appliances and home electronics.

Previously on abfjournal.com:

The Brick Group Completes C$25 Million Financing, Tuesday, August 25, 2009

GE Capital Closes ABL Facility for Canadian Retailer, Friday, May 29, 2009