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Sir Royalty Income Fund SIRZF


Primary Symbol: T.SRV.UN

SIR Royalty Income Fund (the Fund) holds investment in SIR Corp (SIR). The Funds' investment, SIR is engaged in the business of owning and operating full-service restaurants in Canada. SIR has concept restaurant brands, including Jack Astor’s Bar and Grill, Scaddabush Italian Kitchen & Bar, and Canyon Creek Chop House, signature restaurant brands, such as Reds Wine Tavern, Reds Midtown Tavern, Reds Square One, and The Loose Moose, which are used by SIR under a license agreement with SIR Royalty Limited Partnership (the Partnership. The Fund receives distribution income from its investment in the Partnership and interest income from the SIR Loan. The Fund indirectly participates in the revenues generated under the License and Royalty Agreement through its Investment in the Partnership.


TSX:SRV.UN - Post by User

Comment by Wordless1on Jul 19, 2021 4:01pm
72 Views
Post# 33570493

RE:Opco Debt Levels

RE:Opco Debt LevelsLooks like they issued more debt than they repaid for the 36 weeks ended May 9.... Looks like they owe the bank $24.3M + they owe EDC an additional $6.25M... So total debt is closer to $30M.... Their facility is prime plus 3.25% and the EDC loan is fixed at 4%. Looks like they borrowed the $6.25M from EDC to pay down their more expensive bank debt.

++As at May 9, 2021, the Company has drawn $24,279,000 on Credit Facility 1 and Credit Facility 2, net of cash excluding the cash balance of the Partnership (August 30, 2020 - $36,718,000).

The EDC-Guaranteed Facility bears interest at the prime rate plus 3.5%. The EDCGuaranteed Facility is a 364 day revolving term credit facility and can be extended at the Lender’s sole discretion by a further 12 months. A standby fee of 0.90% is charged on the undrawn balance of this facility. For the 36-week period ended May 9, 2021, SIR has drawn $6,250,000 million on this facility.




++As at May 9, 2021, the Company has drawn $24,279,000 on Credit Facility 1 and Credit Facility 2, net of cash excluding the cash balance of the Partnership (August 30, 2020 - $36,718,000).

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