The facilities will be guaranteed by a first pledge fee on all assets of the group, whose security has also been extended to ensure the group`s credit program and its $6 million revolving credit facility. Uni-Select also announces the completion of new 5-year unsecured credit facilities, consisting of a $200 million long-term facility and a $200 million revolving credit facility. These new credit facilities replace Uni-Select institutions, which are expected to be renewed within one year. These credit facilities complement the previously announced offer of $51.8 million in common share underwriting revenues (the «Subscription Receipts») and $51.8 million in non-convertible subordinated debt securities (the «bonds»), underwritten by a group of insurers led by National Bank Financial Inc., all of which are fully subscribed, including total bonds. The new credit facilities also include various restrictions on distributions and the use of proceeds from asset disposals. All facilities must be repaid with impunity, with the balance due by the june 30, 2023 deadline. Contact: UNI-SELECT INC. Richard G. Roy President and Chief Executive Officer 450-641-6903 or UNI-SELECT INC.M. Denis Mathieu, Vice President and Chief Financial Officer 450-641-6903 www.uni-select.com National Bank Financial and RBC Capital Markets acted as co-principal arranger, and national bank financial was the sole bookrunner, the credit facility syndication and the National Bank of Canada acted as an administrative agent for credit facilities.
On behalf of the Government of Quebec, Export Development Canada and Investissement Québec have allocated $75 million and $25 million respectively to maturity facilities. The new credit facilities consist of a revolving credit facility of $350 million and two long-term loans totalling $215 million. The long-term facilities are aimed at two separate borrowers in the group and benefit from the same conditions. Facilities amounting to USD 565 million are subject to a total repayment of 21.2% over the life of the facilities. On May 29, 2020, Uni-Select Inc. («Uni-Select») secured a new $565 million credit facility with its banking consortium. The new secured credit facilities, maturing on June 30, 2023, consist of a $350 million revolving credit facility and a $215 million maturity facility. The new agreement can be used for general purposes and provides access to additional liquidity and flexibility.
«The impressive scale of our refinancing agreement reflects both our success and our future potential for cash flow generation,» said Denis Mathieu, Vice President and Chief Financial Officer of Uni-Select. Part of the proceeds were used to finance Uni-Select`s acquisition of FinishMaster. The remainder of the credit will be used to finance Uni-Select`s working capital and the development of day-to-day business. «We are very pleased to have changed our credit facilities from the combination of a revolving credit facility and a long-term loan to a $625 million revolving credit facility.