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HSBC Canada Provides $60MM in Financing to Canlan Ice Sports

June 16, 2016, 07:44 AM
Filed Under: Entertainment

Canlan Ice Sports Corp. announced that it has completed a significant refinancing transaction with HSBC Bank Canada. Canlan has refinanced all of its Canadian long–term debt to take advantage of low long-term interest rates. HSBC Bank Canada (“HSBC”) has provided Canlan with a $48.5 million refinancing loan to consolidate its Canadian loan facilities, fully repay a mortgage on a rink facility in the USA, and to provide additional working capital. The refinancing loan has a seven-year term and will be amortized over 15 years. The refinancing package also provides for two additional $5.0 million revolving credit facilities to finance seasonal cash flow requirements and future capital expenditures, if necessary. HSBC has also provided Canlan with a $1.5 million equipment lease credit facility.

“We are delighted to be in a position to work with HSBC to complete this transaction, which will significantly reduce borrowing cost and increase cash flow through reduced debt service requirements,” said Canlan’s CFO, Mike Gellard.  “The timing was right for us to work with HSBC to capitalize on the current interest rate environment. In addition, I’d like to thank IAM Private Debt Group for being a reliable financial partner over the last eight years.”

Canlan Ice Sports Corp. is a leader in the development, operations and ownership of multi-purpose recreation and entertainment facilities. The company is the largest private sector owner and operator of recreational ice sports facilities in North America and currently own and/or manage 21 facilities in Canada and the United States with 83 playing surfaces, including ice surfaces, as well as indoor soccer fields, sport courts, volleyball courts and basketball courts. 

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