Canlan Ice Sports Corp. Announces $60 Million Refinancing Package

BURNABY, B.C., June 15, 2016 (GLOBE NEWSWIRE) -- Canlan Ice Sports Corp. (“Canlan”) (TSX: ICE) today announced that it has completed a significant refinancing transaction with HSBC Bank Canada. 

Canlan is pleased to announce that it has refinanced all of its Canadian long–term debt to take advantage of low long-term interest rates. HSBC Bank Canada (“HSBC”) has 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 USA, 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 $5.0 million revolving credit facilities to finance seasonal cash flow requirements and future capital expenditures, if necessary. HSBC has 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. In addition, I’d like to thank IAM Private Debt Group for being a reliable financial partner over the last eight years.”

About CanlanCanlan Ice Sports Corp. is the North American leader in the development, operations and ownership of multi-purpose recreation and entertainment facilities. We are the largest private sector owner and operator of recreational ice sports facilities in North America and currently own and/or manage 21 facilities in Canada and the United States with 83 playing surfaces, including ice surfaces, as well as indoor soccer fields, sport courts, volleyball courts and basketball courts.  To learn more about Canlan please visit www.icesports.com.

Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under the symbol “ICE.”

For more information:
Canlan Ice Sports Corp.
Michael F. Gellard
Senior Vice President & CFO
604 736 9152

Source: Canlan Ice Sports Corp.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• More Assay Results at Mirage (Lac Escale) Lithium Property
• Spelman College Announces Angela Bassett as 137th Commencement Speaker
• eBay Launches 5th Annual Up & Running Grants Program, Awarding $500,000 to Small Businesses