TORONTO, Oct. 24,
2023 /CNW/ - TerraVest Industries Inc., (TSX: TVK)
("TerraVest" or the "Company") announces today that it has entered
into a new credit facility (the "Credit Facility") with a syndicate
of lenders comprised of Desjardins Capital Markets acting as sole
lead arranger and bookrunner, National Bank of Canada, The Bank of Nova Scotia and the Business Development Bank
of Canada.
The Credit Facility consists of a CAD$310
million revolving credit facility, maturing in three years
and secured by the assets of the Company's HVAC Equipment and
Compressed Gas Equipment divisions. This Credit Facility replaces
the Company's existing credit facility with Desjardins of
$130 million.
Dustin Haw, Chief Executive
Officer of TerraVest, commented, "This new credit facility provides
our company with additional balance sheet flexibility, and
positions us well to continue to invest in, and enhance our
existing portfolio businesses and pursue our long-term acquisition
strategy."
"We would like to thank Desjardins for their continued support
and commitment over the years, and looking forward we are excited
to have the additional support of National Bank, Scotia and BDC,"
stated Charles Pellerin, Executive
Chairman and Dustin Haw.
Caution Regarding
Forward-Looking Statements
This news release contains forward-looking statements.
All statements other than statements of historical fact contained
in this news release are forward-looking statements, including,
without limitation, statements regarding our strategic direction
and evaluation of the business segments and TerraVest as a whole,
TerraVest's plans with respect to its existing portfolio businesses
and long-term acquisition strategy and other plans and objectives
of or involving TerraVest. Readers can identify many of these
statements by looking for words such as "expects" and "will" or
similar terms or variations of these words. Although management
believes that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that such
expectations will prove to be correct.
By their nature, forward-looking statements require us to
make assumptions and, accordingly, forward-looking statements are
subject to inherent risks and uncertainties. There is significant
risk that the forward-looking statements will not prove to be
accurate. We caution readers of this news release not to place
undue reliance on our forward-looking statements because a number
of factors may cause actual future circumstances, results,
conditions, actions or events to differ materially from the plans,
expectations, estimates or intentions expressed in the
forward-looking statements and the assumptions underlying the
forward-looking statements.
Assumptions and analysis about the performance of TerraVest
as a whole and its business segments, the markets in which the
business segments compete and the prospects and values of the
business segments are considered in setting the business plan for
TerraVest, plans and/or ability to pay dividends, outlook for
operations, financial position, results and cash flows, other plans
and objectives and in making related forward-looking statements.
Such assumptions include, without limitation, demand for
products and services of the business segments in respect of the
Canadian and other markets in which the businesses are active will
be stable, and that input costs to business segments do not vary
significantly from levels experienced
historically. Should any of these factors or
assumptions vary, actual results may differ materially from the
forward-looking statements.
SOURCE TerraVest Industries Inc.