Canadian cableco Cogeco Cable has renewed a credit agreement for a C$750m (US$719m) credit facility in the form of a five-year term revolving facility.
There is an option to increase the credit facility up to C$1bn (US$959m), subject to interest from…
Canadian cableco Cogeco Cable has renewed a credit agreement for a C$750m (US$719m) credit facility in the form of a five-year term revolving facility.
There is an option to increase the credit facility up to C$1bn (US$959m), subject to interest from existing lenders in increasing their participation or new lenders participating in the credit facility.
Cogeco said that the facility has been arranged by a group of financial institutions, led by the Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC).
The revolving facility matures in 2016, but can be extended by additional one-year periods on an annual basis, subject to the lenders’ approval.
Cogeco said that the revolving facility would extend its borrowing flexibility and would provide continued liquidity within a strong capital structure. It added that the net proceeds will be used for general corporate purposes and to facilitate growth opportunities.
