Pollard Banknote Limited announced that Pollard Banknote and its syndicate of lenders have executed a renewal of its secured revolving credit facility (the Facility). Under the renewal, the term has been extended by three years, now maturing on December 31, 2028. As well, the Facility size has been increased by $50 million, to a total of $291 million, with an accordion feature which can increase the Facility by an additional $50 million.
The Facility will be available for general working capital purposes, ongoing investments in capital expansion, including continuing investment in the growing iLottery space, and to assist in financing future acquisitions. The Facility is secured by Pollard Banknote's assets and guarantees by certain of its subsidiaries. The terms and conditions of the Facility are set out in the Seventh Amended and Restated Loan Agreement that will be filed on SEDAR.
The lending institutions participating in the Facility include The Toronto-Dominion Bank as administrative agent and Lead Arranger and Bookrunner, Bank of Montreal, and Canadian Western Bank.