Avigilon ups credit facility to $240 million

Tuesday, November 17, 2015

VANCOUVER, Avigilon on Nov.16 announced that it has increased its existing multi-tranche senior secured syndicated credit facility from $200 million to $240 million.

The original credit facility was announced in April. The credit facility now includes a $100 million multi-currency revolving acquisition facility, a $40 million real estate term loan, and a $100 million multi-currency revolving line of credit, which remains undrawn at this time. Previously, the revolver was limited to $60 million. Other than the increase to the revolver, all of the facility’s terms and conditions remain the same.

HSBC Bank Canada acted as lead arranger, sole book runner, and administrative agent for the credit facility and the upsize.

"The upsize strengthens Avigilon by providing additional flexibility to execute our growth strategy," Ric Leong, Avigilon's CFO and SVP, said in a prepared statement. "We're pleased to have the support of, and wish to thank, our syndicate of lenders: HSBC, Toronto-Dominion Bank, BMO Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Business Development Bank of Canada, and Export Development Canada."