Bank of America joins banking syndicate
TORONTO, Jan. 22, 2019 /CNW/ - Park Lawn Corporation
(TSX:PLC) ("PLC") is pleased to announce an increase to its syndicated bank financing arrangement as well as the addition
of Bank of America to the syndicate led by National Bank of Canada and including Bank of
Montreal and The Toronto-Dominion Bank.
The financing arrangement increases PLC's borrowing capacity from $150 million to $225 million. The additional credit will provide PLC with further flexibility as it continues to pursue its
growth strategy. In particular, the revolving credit facility is expected to support PLC's ability to capitalize on organic
projects and acquisition opportunities as they arise, while maintaining a prudent approach to leverage.
Highlights of the credit facilities include:
- $175 million committed credit facility
- $50 million accordion facility
"We are pleased to continue growing our relationship with National Bank, BMO and TD and developing a new relationship with
Bank of America. I am confident that this transaction will enhance our success as we continue to grow our business in both
Canada and the United States," said Andrew Clark, Chairman and CEO of PLC.
About Park Lawn Corporation
PLC provides goods and services associated with the disposition and memorialization of human remains. Products and services
are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC and its subsidiaries own and operate
businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC has a North
American wide platform with operations in five Canadian provinces and twelve US states.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the
business of PLC and the environment in which it operates. Forward-looking statements are identified by words such as "believe",
"anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These
statements are based on PLC's expectations, estimates, forecasts and projections and include, without limitation, statements
regarding PLC's increased financial flexibility, the continued pursuit of its growth strategy, its ability to capitalize on
organic projects and acquisition opportunities, and continued success in executing its growth plan. The forward-looking
statements in this news release are based on certain assumptions, including without limitation that PLC's business will continue
to perform in a manner consistent with past practice, and that the credit facilities will have a positive impact on PLC's
financial position. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that
are difficult to control or predict. A number of factors could cause actual results to differ materially from the results
discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk
Factors" in PLC's annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual
outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should
not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the
date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Park Lawn Corporation
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