REGINA, Saskatchewan, July 27, 2023 (GLOBE NEWSWIRE) -- Information Services Corporation (TSX:ISV) (“ISC” or the “Company”) announced today that it has expanded the lenders under the Company’s secured syndicated credit facility (the "Credit Facility") to include the Bank of Montreal. The syndicated Credit Facility now includes Royal Bank of Canada (“RBC”), Canadian Imperial Bank of Commerce (“CIBC”) and the Bank of Montreal (“BMO”).
Shawn Peters, President and CEO of ISC commented, “We are extremely pleased that BMO has joined our Credit Facility. Since going public 10 years ago, ISC has been on a growth trajectory and we have expanded our Credit Facility over the years to support the execution of this growth.” Peters continued, “The inclusion of BMO comes on the heels of the announcement on July 5, 2023 of the Saskatchewan Registries extension, and is a logical and prudent step to ensure that we remain well positioned to fund our ongoing growth strategy. I look forward to working with all our partners in the years ahead as we continue to drive value for our shareholders.”
As noted in our news release dated July 5, 2023 (available at our website at https://company.isc.ca/news-releases/news-release-details/isc-secures-saskatchewan-registries-extension-until-2053), the aggregate amount available under the Amended and Restated Credit Facility is $250 million. In addition, ISC has access to a $100 million accordion option, providing the flexibility to upsize the aggregate revolving credit facility up to $350 million with a Consolidated Net Funded Debt to EBITDA financial covenant that provides additional balance sheet flexibility to ISC. The expiry date of the Amended and Restated Credit Facility of September 2026 remains unchanged.
As at March 31, 2023, $56.1 million was drawn under the Credit Facility. The Credit Facility is available on a revolving basis to finance permitted acquisitions and capital expenditures and for general corporate purposes. ISC intends to fund the Upfront Payment of $150 million for the Saskatchewan Registries extension and other related transaction costs by drawing on its Credit Facility and with cash-on-hand.
For further information about the Company’s Credit Facilities, please refer to the Unaudited Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2023, available on SEDAR or the Company website, company.isc.ca. On July 17, 2023, the Company announced that it expects to release its financial results for the second quarter of 2023 after market close on Wednesday, August 2, 2023. Information about this and the timing of an analyst conference call that will follow can be found on our website at company.isc.ca.
About ISC®
Headquartered in Canada, ISC a leading provider of registry and information management services for public data and records. Throughout our history, we have delivered value to our clients by providing solutions to manage, secure and administer information through our Registry Operations, Services and Technology Solutions segments. ISC is focused on sustaining its core business while pursuing new growth opportunities. The Class A Shares Limited Voting Shares of ISC trade on the Toronto Stock Exchange under the symbol ISV.
Investor Contact
Jonathan Hackshaw
Senior Director, Investor Relations & Capital Markets
Toll Free: 1-855-341-8363 in North America or 1-306-798-1137
investor.relations@isc.ca
