KGIC Inc LGLTF

The last time that LOY halted was good news!

[britishcinnamon]

Let's hope that it is with the shareholder's interest in mind that Ryu decides to halt rather than to release news intraday.

Loyalist Announces New $18.5 Million Credit Facility

TORONTO, ONTARIO--(Marketwire – November 17, 2014)

Loyalist Group Limited ("Loyalist" or the "Company") (TSX VENTURE: LOY) today announced that it has entered into a new $18.5 million credit facility, replacing the Company’s current credit facility thus adding an additional $18 million of capital to support Loyalist’s growth. “The additional capital provided by the new credit facility will allow us to fund our aggressive growth and acquisition program,” said Chief Executive Officer Andrew Ryu. “We believe the ability to obtain a facility of this size signifies a new phase in the maturation of Loyalist.” Mr. Ryu added that “previously we have raised equity capital to fund our acquisition plans. The credit facility will now allow us to manage our capital structure in a more efficient manner and to continue to grow without diluting our existing shareholders.” The new credit facility expires on November 17, 2019 and is comprised of a $3.5 million revolving operating facility and a $15 million term loan acquisition facility. The facilities are being provided by the Bank of Montreal. Both facilities bear interest at the Canadian Dollar Prime Rate plus 1.25% to 1.75%, depending on the Company’s debt to EBITDA ratio. The acquisition facility may be drawn upon in periodic advances as required until November 17, 2016, and can be repaid at any time without penalty. The new credit facility is secured by a first charge over all of the assets of Loyalist and its subsidiaries, contains positive, negative and financial covenants, and includes other usual and customary terms and conditions