Touchstone currently has
The Amended Loan Agreement did not alter any material terms of the Company's prior loan agreement, save for an additional underwriting fee of
• | Borrower | |
• | Facility type | Senior secured syndicated loan, with Republic Bank Limited acting as initial lender, arranger and administrative agent |
• | Revised facility amount | |
• | Principal availability period | Principal may be withdrawn prior to |
• | Term | |
• | Fixed interest rate | 7.85% per annum, payable quarterly in arrears |
• | Principal amortization schedule | Twenty equal and consecutive quarterly principal repayments commencing on |
• | Prepayments | Currently permitted with a 1.0% penalty and a 90-day notice period, no penalties payable after |
• | Collateral | Senior mortgage over fixed assets of the Borrower and its subsidiaries and a corporate guarantee from |
• | Financial covenants (to be initially tested for the year ended | Net Senior Funded Debt to EBITDA less than 2.5 times Net Senior Funded Debt to Book Value Equity less than 0.7 times Debt Service Coverage Ratio greater than 2.5 times |
• | Cash reserve balance | Maintain a balance of not less than the equivalent of two quarterly interest payments due |
Advisories
Forward-Looking Statements
Certain information provided in this news release may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations, and objectives for future operations that are subject to assumptions, risks, and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved.
Forward-looking statements in this news release may include, but is not limited to, statements relating to the Company's expectation and timing of withdrawing the Amended Loan Agreement available principal balance. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's 2020 Annual Information Form dated
SOURCE
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