|By Marketwired .||
|January 3, 2014 04:55 PM EST||
BRAMPTON, ONTARIO -- (Marketwired) -- 01/03/14 -- Brampton Brick Limited (TSX: BBL.A) reported today that it has completed its previously announced new $40 million long-term financing ("Loan").
A portion of the proceeds of the new financing were utilized to repay a $22.5 million term loan and approximately $3.5 million in interest payments incurred for settling the term loan early. An amount of $12-$14 million will be used to assist with the purchase of the Atlas Block assets. This transaction is expected to close on January 6, 2014. The balance of the Loan, if any, will be utilized for general corporate purposes.
The term of the Loan is nine years with interest payments only for the first year. Principal repayments commence in July 2015 at $500,000 per month in the months of July to November inclusive ($2.5 million per year) to 2022, and a balloon payment of $20 million in November 2022. The rate of interest is floating at the bank's prime rate plus a credit spread of 0.70% or at Banker's Acceptance rates plus a credit spread of 2.25%. The Company's credit spread is variable and determined by its interest coverage ratio.
The Loan also makes provision for an interest rate swap facility up to a face amount of $40 million. This will allow the Company to fix the interest rate on a portion of or the entire Loan amount. The Company anticipates that it will fix the interest rate on approximately half of the Loan amount.
The Loan is secured primarily by real estate and production equipment of the Company's Masonry Products and Landscape Products business segments in both Canada and the U.S.
Financing will be provided by HSBC Bank Canada.
All statements in this press release, other than those relating to historical information, are forward- looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including, but not limited to, those identified under "Risks and Uncertainties" in the 2012 annual MD&A included in the Company's 2012 Annual Report and those identified and reported in the Company's other public filings (including the Annual Information Form for the year ended December 31, 2012), which may be accessed at www.sedar.com, which may cause actual results, performance or achievements of the Company to be materially different from any future result, performance or achievements expressed or implied by such forward-looking statements.
Brampton Brick is Canada's second largest manufacturer of clay brick, serving markets in Ontario, Quebec and the Northeast and Midwestern United States from its brick manufacturing plants located in Brampton, Ontario and near Terre Haute, Indiana. To complement the clay brick product line, the Company also manufactures a range of concrete masonry products, including concrete brick and block as well as stone veneer products. Concrete interlocking paving stones, retaining walls, garden walls and enviro products are manufactured in Markham, Milton and Brampton, Ontario and Wixom, Michigan. These products are sold to markets in Ontario, Quebec, Michigan, New York, Pennsylvania, Ohio, Kentucky, Illinois and Indiana under the Oaks trade name. Products are used for residential construction and for industrial, commercial, and institutional building projects.
Brampton Brick Limited
Jeffrey G. Kerbel
President and Chief Executive Officer
Brampton Brick Limited
Trevor M. Sandler
Vice-President, Finance and Chief Financial Officer
(905) 840-1535 (FAX)
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