Boyd Group Income Fund, parent company to Gerber Collision & Glass, Glass America and others, has increased its existing revolving credit facility to fund future growth. How much credit does the company now have access to?
The credit facility now covers $150 million USD, with an accordion feature which can increase the facility to a maximum of $250 million USD on terms and pricing more favorable to Boyd, according to a company statement. The credit facility is set to mature in July 2020.
“This new credit facility will increase our financial flexibility,” says Pat Pathipati, executive vice president and chief financial officer of the Boyd Group. “This, along our strong balance sheet, will enable us to continue to execute our growth strategy and build unitholder value.”
The lending institutions participating in the facility continue to include TD Bank as lead arranger, Bank of America, National Bank of Canada and Scotiabank.