WesternOne Equity Income Fund announced the completion of refinancing its existing senior credit facilities with its primary lender.
The refinancing extends the maturity of WesternOne Equity’s existing credit facilities. Loans that were scheduled to mature in 2011 are extended to 2013 and 2014. The interest rate terms remain unchanged at the bank’s prime rate plus a range of 1.2 percent to 1.7 percent. The bank also increased the maximum of a demand revolving loan from CA $9 million to $14.5 million, to be used towards future capital expenditures on WesternOne Equity’s rental fleet at its operating locations.
“The completion of the refinancing reflects our lender’s ongoing support and confidence in our business,” said WesternOne CEO Darren Latoski. “Going forward, in conjunction with our cash in hand, the credit facilities will provide us with greater flexibility to manage our operating cash flow, on areas such as working capital, unitholder distributions, organic growth and acquisitions.”
Based in Vancouver, B.C., Canada, WesternOne Equity Income Fund is No. 73 on the RER 100.