ISC Adds New Lender to Syndicated Credit Facility
27 Juli 2023 - 1:00PM
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 HackshawSenior Director, Investor Relations &
Capital MarketsToll Free: 1-855-341-8363 in North America or
1-306-798-1137investor.relations@isc.ca
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