IBI Group, a globally integrated design and technology firm, entered into amended and restated credit facilities with its syndicate of lenders, including TD Bank, National Bank of Canada, HSBC Bank Canada and Bank of Montreal. The maturity date of the facilities was extended from Sept. 27, 2022, to Sept. 29, 2025.
The facilities consist of a revolver facility, swing line facility and letter of credit facility, with the availability of each subject to compliance with certain financial, reporting and other covenants. The total amount of borrowing permitted under the agreement is $130 million, with an accordion feature of $40 million, which is subject to bank approval if requested.
IBI intends to use the facilities for general corporate purposes, including working capital requirements and for potential acquisitions to fund further growth. Under certain conditions, the repayment of the hybrid or convertible debentures indebtedness is permitted under the terms of the facilities.
