REGINA, SASKATCHEWAN--(Marketwired - Oct. 1, 2015) - Information Services Corporation (TSX:ISV), ("ISC" or the "Company") announced today that it has entered into an amended and restated credit agreement in connection with the secured credit facilities (collectively, the "Credit Facilities") provided by a Canadian chartered bank.
The aggregate amount available under the Credit Facilities is now $34,935,000, comprised of (i) a $9,935,000 committed revolving term loan facility (the "Revolving Term Facility") which was used to replace existing short-term indebtedness of the Company; (ii) a $10 million uncommitted revolving credit facility (the "Operating Facility") to be used for general corporate purposes and (iii) a $15 million committed non-revolving reducing credit facility (the "Non-Revolving Term Facility"), that has been used by ISC to fund, in part, the acquisition of ESC Corporate Services Ltd. The Revolving Term Facility loan will now mature on September 28, 2018 unless renewed prior to that time. The Operating Facility is repayable by ISC upon demand by the lender and the lender may terminate such Operating Facility at any time. The Non-Revolving Term Facility is repayable by ISC through quarterly payments and matures on September 28, 2018 unless renewed prior to that time.
About ISC
ISC is an experienced provider of registry and information services for government, individuals and private sector business. As the exclusive provider of the land titles, surveys, personal property and corporate registries for Saskatchewan, the Company maintains and operates these registries, which are key supporters of economic activity in the province.
Cautionary Note regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable Canadian Securities legislation. All statements other than statements of historical fact are forward-looking statements. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. Although ISC believes the forward-looking information contained in this release is based upon reasonable assumptions, readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain and no assurance can be given that the expectations reflected in such information will prove to be correct. Many factors and risks could cause our actual results to differ materially from those expressed or implied by forward-looking information including those detailed in ISC's Annual Information Form, dated March 17, 2015, ISC's unaudited condensed Consolidated Financial Statements and Notes and Management's Discussion and Analysis for the quarter ended June 30, 2015 as well as other documents filed by ISC with Canadian securities regulators through SEDAR (www.sedar.com) from time to time. Investors and others should carefully consider the above-noted factors and risks and other uncertainties and potential events. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, ISC assumes no obligation to update or revise such information to reflect new events or circumstances.