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Avigilon Announces New US$200 (CDN$250) Million Syndicated Credit Facility - Avigilon Corporation (“Avigilon”) announced the signing of a new multi-tranche US$200 (CDN$250) million senior secured syndicated credit facility (the “Credit Facility”) - Avigilon.com
Avigilon Announces New US$200 (CDN$250) Million Syndicated Credit Facility

 

PRZOOM - /newswire/ - Vancouver, British Columbia, Canada, 2015/04/07 - Avigilon Corporation (“Avigilon”) announced the signing of a new multi-tranche US$200 (CDN$250) million senior secured syndicated credit facility (the “Credit Facility”) - Avigilon.com. TSX: AVO

   
 
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Avigilon Corporation (“Avigilon”), a leading global provider of end-to-end security solutions, today announced the signing of a new multi-tranche US$200 (CDN$250) million senior secured syndicated credit facility (the “Credit Facility”). The Credit Facility includes a US$100 million multi-currency revolving acquisition facility (the “Acquisition Facility”), a US$60 million multi-currency revolving line (the “Revolver”), and a US$40 million real estate term loan (the “Real Estate Loan”). The Credit Facility has a three-year term and carries interest at Avigilon’s option of either prime rate, U.S. base rate, banker’s acceptance rate, or Libor plus a margin based on Avigilon’s senior consolidated debt to EBITDA ratio.

HSBC Bank Canada (“HSBC”) acted as lead arranger and sole book runner in connection with the Credit Facility. The syndicate of lenders, led by HSBC as administrative agent, is comprised of the following six additional leading banks and financial institutions: Toronto-Dominion Bank; BMO Bank of Montreal; National Bank of Canada; Canadian Imperial Bank of Commerce; Business Development Bank of Canada; and Export Development Canada.

The Acquisition Facility will be used in connection with certain corporate acquisitions made by Avigilon. As part of closing the Credit Facility, Avigilon (avigilon.com) has requested a US$80.3 million drawdown from the Acquisition Facility in order to retroactively fund the December 17, 2014 acquisition of the entire patent portfolio and the patent licensing program of ObjectVideo, Inc. Avigilon has the option to request that the Acquisition Facility be expanded to US$150 million through the exercise of a US$50 million accordion feature, subject to review and approval of the lenders. The Revolver replaces the Company’s current undrawn CDN$12 million credit facility, and is intended to finance ongoing working capital, capital expenditures, and general corporate purposes. Finally, Avigilon has obtained the Real Estate Loan to partially fund the purchase of its new global headquarters in Vancouver, British Columbia, and improvements thereto.

All debts, liabilities and obligations of the Company under the Credit Facility are being secured by a first-ranking security interest over all present and future assets, property and undertakings of the Company and its subsidiaries.

“The Credit Facility funds the purchase of our future global headquarters, and helps provide for our ongoing growth. We’re very pleased to have the Credit Facility in place, and to have seven leading financial institutions available to support our operations and growth,” said Alexander Fernandes, Avigilon’s Founder, President, CEO and Chairman of the Board.

 
 
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Agency / Source: Avigilon Corporation

 
 

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Avigilon Announces New US$200 (CDN$250) Million Syndicated Credit Facility

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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Avigilon Corporation securities in any jurisdiction including any other companies listed or named in this release.

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