This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

General Donlee Canada Inc. Announces New Credit Facilities

TORONTO, March 23, 2012 /PRNewswire/ - General Donlee Canada Inc. (TSX: GDI) ("General Donlee" or the "Company") is pleased to announce that its wholly owned subsidiary General Donlee Limited has entered into a new credit agreement with HSBC Bank Canada.

The agreement provides for credit facilities totaling $33 million, comprised of a $7.5 million revolving operating facility, a $22.5 million non-revolving term facility which can be drawn upon at the Company's option prior to December 31, 2012, and a $3 million optional capital lease facility. Borrowing costs are adjusted quarterly and are based on a pricing grid which is calculated using a ratio of net funded debt to EBITDA.

The credit agreement also includes a foreign exchange line under which the Company will have the option to enter into foreign currency hedging contracts with an aggregate face value of up to $25 million, and an interest rate SWAP facility under which the Company will have the option to enter into interest rate SWAP contracts with an aggregate face value of up to $15 million to hedge against interest rate exposure risk.

The new credit facilities will replace the existing credit facilities.

Garen Mikirditsian, Chief Executive Officer and Interim Chief Financial Officer of General Donlee said "The new credit agreement offers the Company additional financial flexibility, reduces our cost of borrowing, provides an expanded ability to hedge our foreign currency exposure and supports our plans to make investments in line with the Company's growth strategy." Mr. Mikirditsian added: "We are very pleased to work with HSBC Bank Canada and look forward to a long-term partnership in growing General Donlee."

About General Donlee Canada Inc.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs